Inviting comments on Exposure Draft of Guidance Note on Report under Section 92E of the Income-Tax Act, 1961 (Transfer Pricing)- 02.06.2020

Dear Professional Colleague,

As you may be kindly aware, the Committee on International Taxation is one of the important non-standing Committees of ICAI. Among others important tasks one of the important tasks of the Committee is to bring out new and revise publications for updating and enhancing the knowledge of members in the field of International Taxation.

The Guidance Note on Report under Section 92E of the Income-Tax Act, 1961 (Transfer Pricing) has been updated to incorporate the amendments made by the Finance Act, 2020 by the Committee on International Taxation of ICAI. The exposure draft of the same is available at

Exposure Draft of Guidance Note on Report under Section 92E of the Income-Tax Act, 1961 (Transfer Pricing) (comments to be received by 30th June, 2020) – (02-06-2020)

The Committee invites comments on this Exposure Draft. Comments are most helpful if they indicate the specific paragraph or group of paragraphs to which they relate, contain a clear rationale and, where applicable, provide suggestions for alternative wording.

Comments can be submitted using one of the following methods, so as to be received not later than 30th June, 2020.

1. Email: Comments can be sent to citax@icai.in
2. Postal: Secretary, Committee on International Taxation,

Committee on International Taxation
The Institute of Chartered Accountants of India
ICAI Bhawan,

Sixth Floor, Hostel Block

A-29, Sector -62,

NOIDA(U.P.), India.

Looking forward for your valuable comments.

Regards,

Chairman

Committee on international Taxation ICAI

Vice-Chairman

Committee on international Taxation ICAI

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Dated- 19.11.2019- Guidance Note on Report U/s. 92E of Income Tax Act, 1961

Globalization is not new, but the pace of integration of national economies and markets has increased substantially in recent years. It has a significant impact on a country’s corporate income tax regimes. The increasing participation of multinational groups in economic activities in India has given rise to new and complex issues arising from transactions entered into between two or more enterprises belonging to the same multinational group. Transfer Pricing provisions thus have an important role to play.

In order to facilitate our members in effective discharge of their responsibilities towards the reporting requirements of section 92E, the Committee on International Taxation has revised its publication “Guidance Note on Report under section 92E of the Income tax Act, 1961”.

The said revised 2019 edition of the the publication can be downloaded from the link https://resource.cdn.icai.org/57510citax46618.pdf

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