Following major proposed amendments have been covered: 1. Incentives for affordable rental housing 2. Extension of date of sanction of loan for affordable residential house property 3. Extension of date of incorporation for eligible start up for exemption and for investment in eligible start-up 4. Increase in safe harbour limit of 10% for home buyers […]
The issue of the transactions between the related parties or associated parties have always been a matter of great concern for the revenue authorities along with other authorities along with the other stakeholders of the business of the entities. This is due to the reason that such transactions are highly subject to or prone to the tax avoidance, tax evasion, shifting of profitability from one related entity to the other related entity which might result in loss to the Revenue and other stakeholders.
Draft Format of Form 3CEB for AY 2020-21 amended vide Notification No. 82/2020 dated 1st October, 2020 in Excel /Word Format As Form No. 3CEB (Transfer Pricing Audit Report) has been amended recently vide Notification No. 82/2020 dated 1st October, 2020. However, the utility is yet to be updated. So, sharing the updated draft of […]
Transfer Pricing: Suggested Operating Profit Margins for IT and ITeS Sector having Turnover between Rs. 50 lakhs to Rs. 50 crores This is high time for the entities which have to comply with the provisions of Transfer Pricing (TP) under Income-tax Act, 1961 (the Act) i.e. only 5 days left for filing of the various […]
In exercise of the powers u/s 119(2)(b) of the Income-tax Act, 1961 (“the Act”), the Central Board of Direct Taxes (CBDT) issued Circular No. 9/2015 (“the Circular”) dated June 9, 2015 under which an assessee can apply to the appropriate authority for the condonation of delay in filing the returns to claim the following reliefs in case of genuine reasons for the delay
In the recent landmark judgement of Texport Overseas Private Limited v. DCIT [IT(TP)A No. 1722/Bang/2017], Honorable Bangalore Tribunal held that: it would be deemed that clause (i) of Section 92BA of the Income-tax Act, 1961 (‘the Act”) was never been on the statute as it has been omitted w.e.f. April 01, 2017 vide Finance Act, 2017 and nothing was specified whether the proceeding initiated or action taken on this continue.
CbCR popularly known as Country-by-Country Reporting is a global transfer pricing (TP) compliance requirement under the transfer pricing laws of countries around the world. One of the major amendments in relation to the Indian TP Documentation and global compliance pertaining to the Multi National Enterprises (MNEs) Group vide Section 92D r.w.s. 286 of the Income-tax Act, 1961
The High Court held that the power to enact a validation law is an essential legislative power that can be exercised, in the context of the Act, only by the Parliament and not by the executive. If done so it would be ultra vires the Act and Article 141 read with Article 144 and 265 of the Constitution. Thus, in context of the amendment to Section 145(2) the High Court held that ICDS are not meant to overrule the provisions of the Act, the Rules thereunder and the judicial precedents.
We are attaching detailed comparative analysis of Revised Tax Audit Report in the excel format with updated table formats as per the schema of the Forms 3CA/3CB-3CD on the Income Tax website. The file also contains the Screenshots of the updated schema for the clauses where the changes in table formats took place.
