The TPO in his order held that the payment of incentive to employees is towards technical services rendered by the assessee to the AE and that the AE has entered into such transaction to avoid paying a mark-up on the payments. In the transfer pricing documentation, since the assessee had shown its operating profit margin at 27.95% (OP/TC), the TPO considering such margin, notionally imputed a markup on the said sum of `10,66,08,194 being the payment of incentive to employees by the associated enterprise and accordingly proposed an adjustment of `2,97,96,990.
The Income Tax raid at Priyanka Chopra’s premises has revealed that the Bollywood actor has unaccounted assets worth Rs six crore, a senior official said today. Primarily of what we have scrutinised, we have found that assets worth Rs six crore were not accounted for, the Income Tax official said. However, the official did not divulge details of the unaccounted assets.
Let me start my message with the words of a Gandhian Nobel Peace Laureate, Martin Luther King, Jr.: Let us not wallow in the valley of despair, I say to you today, my friends. And so even though we face the difficulties of today and tomorrow, I still
DUBAI: Institute of Chartered Accountants of India (ICAI) has signed an MoU with an Abu Dhabi-based research institute to train mid-rank accountants in the UAE . ICAI and Centre of Excellence , Research and Training (CERT), the commercial arm of the
Ms. Katrina Kaif is a rather pained woman. The IT tax raids and the unsavoury publicity, notwithstanding, Kaif is rather miffed over tabloids tinting her a slimy tax evader. And this whole talk of her unaccounted moolah running into crores of rupees and the undisclosed lockers have quite rankled her starry nerves.
The government said it has no plans to bring out a tax amnesty scheme to lure black money stashed away in foreign accounts. The finance ministry made this submission before Parliament’s standing committee on finance.
From the language of section 205, it is clear that once the tax is deducted at source, the same cannot be levied once again on the assessee who has suffered the deduction. Once it is established that the tax has been deducted at source from the salary of the employee, the bar under section 205 of the Act comes into operation and it is immaterial as to whether the tax deducted at source has been paid to the Central Government or not, because elaborate provisions are made under the Act for recovery of tax deducted at source from the person who has deducted such tax.
With effect from 1 March 2011, Paypal Account holder in India are required to comply with the requirements set out in the notification of the Reserve Bank of India governing the processing and settlement of export-related receipts facilitated by onli
The object of SARFAESI Act, 2002 is to enable the Banks to recover their dues without resorting to Civil Court for obtaining decree and consequential execution in accordance with the provisions of Civil Procedure Code. It is known fact that a proceeding initiated in a Civil Court can be prolonged unreasonably and everybody is aware of the delay in traditional courts in India. As such, in accordance with the object of providing speedy mode of recovery for the Banks in respect of secured loans, section 34 contains a Bar on Civil Courts in entertaining suits in respect of the matter in which the Bank has initiated a proceeding under SARFAESI Act, 2002.
Attention is invited to Board Circular No.6/2007-Customs dated 22.01.2007 which outlines comprehensive procedures and guidelines for transhipment of cargo from one Custom station to other Custom stations
