Specified Domestic Transaction

Budget 2017 limits scope of Audit of Specified Domestic Transactions

Income Tax - Budget 2017- it is proposed to provide that expenditure in respect of which payment has been made by the assessee to a person referred to in under section 40A(2)(b) are to be excluded from the scope of section 92BA of the Act. Accordingly, it is also proposed to make a consequential amendment in section 40(A)(2)(b) of the Act....

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Specified Domestic Transaction- Penalty for Concealment of Income

Income Tax - The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher or lower than market prices with one or more associated entity...

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Specified Domestic Transactions- Penalty for failure to Maintain & Keep Documents

Income Tax - In this article we will explain about the provisions relating to penalty for failure to keep and maintain documents in respect of specified domestic transactions. However, before understanding the penalty provisions, one should have an overview of the basic provisions of transfer pricing in relation to specified domestic transactions....

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Transfer Pricing Applicability to Dairy Co-operative societies

Income Tax - Introduction As we know the Finance Act 2012 has extended the scope of Transfer Pricing provisions to ‘Specified Domestic Transactions’ (SDT) between related parties w.e.f. AY 2013-14 by inserting section 92BA. Since its introduction there was ambiguity on its applicability to cooperative societies. There was no doubt of its applicabi...

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Domestic Transfer Pricing – The Current Scenario

Income Tax - Transfer Pricing is the setting of the price for goods and services sold between controlled/related legal entities. It is generally aimed at depicting favourable performance of a conglomerate by shifting earnings from a high tax jurisdiction to a low-tax one....

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Revised Guidelines- Implementation of Transfer Pricing Provisions

Instruction No. 3/2016 - (10/03/2016) - In terms of the provisions, any income arising from an international transaction or specified domestic transaction between two or more associated enterprises shall be computed having regard to the Arm's Length Price....

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Income-tax (19th Amendment) Rules, 2015 related to specified domestic transaction

Notification No. 90/2015 - Income Tax - (08/12/2015) - Notification No. 90/2015 - Income Tax In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 10D, for sub-rule (2A), the following sub-rule shall be substituted, namely:- (2A) Nothing contained in sub-rule (1), in so far as it relates to an eligible specified domestic tra...

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Draft scheme of proposed rules for computation of ALP

F. No. 134/11/2015-TPL - (21/05/2015) - The Finance Minister in his Budget speech, while introducing the Finance (No. 2) Bill 2014, had made an announcement that range concept for determination of ALP would be introduced in the Indian transfer pricing regime however, the arithmetic mean concept will continue to apply where the number of...

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Safe Harbour Rules for Specified Domestic Transactions of Govt. Electricity Cos

Notification No. 11/2015 - Income Tax - (04/02/2015) - Notification No. 11/2015 - Income Tax 10THA. Eligible assessee.—The 'eligible assessee' means a person who has exercised a valid option for application of safe harbour rules in accordance with the provisions of rule 10THC, and is a Government company engaged in the business of generation, transm...

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Recent Posts in "Specified Domestic Transaction"

Budget 2017 limits scope of Audit of Specified Domestic Transactions

Budget 2017- it is proposed to provide that expenditure in respect of which payment has been made by the assessee to a person referred to in under section 40A(2)(b) are to be excluded from the scope of section 92BA of the Act. Accordingly, it is also proposed to make a consequential amendment in section 40(A)(2)(b) of the Act....

Read More
Posted Under: Income Tax |

Specified Domestic Transaction- Penalty for Concealment of Income

The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher or lower than market prices with one or more associated entity...

Read More
Posted Under: Income Tax | ,

Specified Domestic Transactions- Penalty for failure to Maintain & Keep Documents

In this article we will explain about the provisions relating to penalty for failure to keep and maintain documents in respect of specified domestic transactions. However, before understanding the penalty provisions, one should have an overview of the basic provisions of transfer pricing in relation to specified domestic transactions....

Read More
Posted Under: Income Tax | ,

Revised Guidelines- Implementation of Transfer Pricing Provisions

Instruction No. 3/2016 (10/03/2016)

In terms of the provisions, any income arising from an international transaction or specified domestic transaction between two or more associated enterprises shall be computed having regard to the Arm's Length Price....

Read More

Transfer Pricing Applicability to Dairy Co-operative societies

Introduction As we know the Finance Act 2012 has extended the scope of Transfer Pricing provisions to ‘Specified Domestic Transactions’ (SDT) between related parties w.e.f. AY 2013-14 by inserting section 92BA. Since its introduction there was ambiguity on its applicability to cooperative societies. There was no doubt of its applicabi...

Read More
Posted Under: Income Tax |

Income-tax (19th Amendment) Rules, 2015 related to specified domestic transaction

Notification No. 90/2015 - Income Tax (08/12/2015)

Notification No. 90/2015 - Income Tax In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 10D, for sub-rule (2A), the following sub-rule shall be substituted, namely:- (2A) Nothing contained in sub-rule (1), in so far as it relates to an eligible specified domestic transaction referred to in rule 10 THB , sh...

Read More

Domestic Transfer Pricing – The Current Scenario

Transfer Pricing is the setting of the price for goods and services sold between controlled/related legal entities. It is generally aimed at depicting favourable performance of a conglomerate by shifting earnings from a high tax jurisdiction to a low-tax one....

Read More
Posted Under: Income Tax |

What is Domestic Transfer Pricing?

International Transfer Pricing was there world wide in both developed and developing countries. When other developing countries introduced Transfer Pricing, Like Korea in 1998 and China 1999, India introduced International Transfer Pricing in 2001. Now the question arise, Why and What made Transfer Pricing a necessity? More than 100 count...

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Posted Under: Income Tax |

Draft scheme of proposed rules for computation of ALP

F. No. 134/11/2015-TPL (21/05/2015)

The Finance Minister in his Budget speech, while introducing the Finance (No. 2) Bill 2014, had made an announcement that range concept for determination of ALP would be introduced in the Indian transfer pricing regime however, the arithmetic mean concept will continue to apply where the number of comparables is inadequate. ...

Read More

Specified domestic transaction audit limit raised to Rs. 20 crore

Raising the threshold for specified domestic transaction In a second blow to Chartered Accountants FM has raised Limit for Audit of Specified Domestic Transaction to Rs. 20 Crore from Rs. 5 Crore with effect from Assessment year 2016-17. This may effectively take 90% Assessees out of Ambit of  Transfer Pricing Audit of Specified Domestic...

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Posted Under: Income Tax |
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