Recently, the Central Board of Direct Taxes (CBDT) said it had entered into 26 advance pricing agreements (APAs) in the first five months of the current financial year. With reference to this identify which of the following statement(s) is/are correct about APAs? 1. An advance pricing agreement (APA) is an ahead-of-time agreement between a taxpayer and a tax authority on an appropriate transfer pricing methodology for a set of transactions at issue over a fixed period of time. 2. The progress of the APA scheme strengthens the Government’s resolve of fostering a non-adversarial tax regime. Select the correct answer using the codes given below: - Study24x7
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UPSC & State PSC
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Recently, the Central Board of Direct Taxes (CBDT) said it had entered into 26 advance pricing agreements (APAs) in the first five months of the current financial year. With reference to this identify which of the following statement(s) is/are correct about APAs? 1. An advance ...

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A

1 only

B

2 only

C

Both 1 and 2

D

Neither 1 nor 2

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