Form 3CEFC Now Available on e-Filing Portal
The Income Tax Department has enabled Form 3CEFC for electronic filing on the e-filing portal.
What is Form 3CEFC?
This is the "Application for opting for safe harbour for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head ‘Profits and gains of business or profession’."
It is primarily applicable to foreign companies engaged in the sale of raw diamonds in notified special zones.
Key Highlights:
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Safe harbour rules now extended to AY 2024-25.
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To opt for safe harbour, eligible assessees must file Form 3CEFC before furnishing the return of income under section 139.
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Safe harbour is available if declared profits are 4% or more of gross receipts from such business.
Legal Reference:
Introduced via CBDT Notification No. 124/2024 dated 29th November, 2024, amending Rule 10TD and inserting new Rules 10TI to 10TIC under the Income-tax Rules, 1962.
Make sure to review eligibility criteria and required disclosures before filing. For details, refer to the