Income-tax (Twenty-Ninth Amendment) Rules, 2023

LegalitySimplified

The Central Board of Direct Taxes vide notification dated 19th December, 2023 has issued the Income-tax (Twenty-Ninth Amendment) Rules, 2023. They shall come into force from the 1st day of April, 2024. The amendment provides the method for calculation interest rate and reporting of payment of interest for intra-group loans.

Intra-group loan means loan advanced to an associated enterprise being a non-resident, where the loan is not advanced by an enterprise, being a financial company including a bank or a financial institution or an enterprise engaged in lending or borrowing in the normal course of business.

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