CA Jinesh R. Bhagdev

MCA issues Circular on Applicability of PAN requirement for Foreign Nationals as Director of Company at the time of Incorporation

Company Law - As per this circular, PAN is compulsory for a Foreign National who is a subscriber / promoter at the time of incorporation of the company. However, if the Foreign National does not possess a PAN, then he / she is required to furnish a declaration / undertaking in prescribed format as an attachment to Form INC – 7 at the time of incorpor...

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Understanding Specified Domestic Transaction Provisions

Company Law - Transfer pricing regulations introduced in India in 2001, but till very recently covered only cross border related party transactions. Honoring the Supreme Court ruling in case of CIT vs. M/s Glaxo Smithkline Asia (P) Limited, CBDT expanded the ambit of transfer pricing to Specified Domestic Transactions w.e.f. 1st April, 2013....

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CBDT Amends Format of Form 3CEB – More reporting compliance by the Auditors

Company Law - In pursuance of the changes made by the Finance Bill 2012 bringing specified domestic transactions under the ambit of Transfer Pricing Regulations, CBDT has amended the format of Form 3CEB vide notification number 41 dated 10 June 2013. The said notification also amends Rule 10A, 10AB, 10B, 10C, 10D and 10E. ...

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CBDT Press Release explaining Advance Pricing Agreement Scheme & its benefits

Company Law - CBDT Explains APA through a press release. Indian APA Scheme Notifies Three Types of APA unilateral, bilateral and multilateral. Press Release clarifies that the choice is on the applicant to choose a particular type of APA at the time of making the application....

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CBDT Releases Transfer Pricing ‘Advance Pricing Agreement Scheme’ (APA)

Company Law - Vide Notification No. 36 of 2012, in exercise of the powers conferred by sub-section (9) of section 92CC read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes releases Advance Pricing Agreement Scheme. The advance pricing agreement scheme shall be governed by Rules 10F to Rule 10T. ...

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Australia Transfer Pricing Legislation Approved

Company Law - The Australian Senate has passed legislation on the application of transfer pricing rules, designed to ensure that multinational companies pay their 'fair share' of tax. The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012 was put forward before the house of Representatives in June 2012....

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Australia amends ‘Cross-Border Transfer Pricing’ law wef 01.07.2004

Company Law - Australian Finance Ministry passes Tax Law Amendment (Cross Border Transfer Pricing Bill) Act (No. 1) 2012 with retrospective 01 July 2004. The Tax Law Amendment (Cross Border Transfer Pricing Bill) Act (No. 1) 2012 was passed by the house of representatives without amendments on 19 June 2012....

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Bad-Debts Cannot be relevant factor to determine ALP of royalty transaction between licensor & licensee

The Commissioner of Income Tax – 10 Vs CA Computer Associates India Pvt. Ltd. (Bombay High Court) - Whether on facts and circumstances of the case and in law, the ITAT was justified in deleting the disallowance made of royalty paid by the respondent to CAMI USA for distribution of software products in India without appreciating that the royalty had been paid on the amount of bad debts even where t...

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Section 206AA not applicable to persons having income below taxable limits

Kowsalya Bai Vs Union of India (Karnataka High Court) - In a writ petition filed by small investors, Karnataka High Court Held that provisions of Section 206AA of the Income Tax Act are contrary to provisions of Section 139A of the Act. Accordingly, provision of Section 206AA were made inapplicable to persons and was read down from the Act only for those...

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Recent Posts in "CA Jinesh R. Bhagdev"

MCA issues Circular on Applicability of PAN requirement for Foreign Nationals as Director of Company at the time of Incorporation

General Circular No. 16/2014 (10/06/2014)

As per this circular, PAN is compulsory for a Foreign National who is a subscriber / promoter at the time of incorporation of the company. However, if the Foreign National does not possess a PAN, then he / she is required to furnish a declaration / undertaking in prescribed format as an attachment to Form INC – 7 at the time of incorpor...

Read More
Posted Under: Income Tax |

Understanding Specified Domestic Transaction Provisions

Transfer pricing regulations introduced in India in 2001, but till very recently covered only cross border related party transactions. Honoring the Supreme Court ruling in case of CIT vs. M/s Glaxo Smithkline Asia (P) Limited, CBDT expanded the ambit of transfer pricing to Specified Domestic Transactions w.e.f. 1st April, 2013....

Read More
Posted Under: Income Tax | ,

CBDT Amends Format of Form 3CEB – More reporting compliance by the Auditors

In pursuance of the changes made by the Finance Bill 2012 bringing specified domestic transactions under the ambit of Transfer Pricing Regulations, CBDT has amended the format of Form 3CEB vide notification number 41 dated 10 June 2013. The said notification also amends Rule 10A, 10AB, 10B, 10C, 10D and 10E. ...

Read More
Posted Under: Income Tax |

CBDT Press Release explaining Advance Pricing Agreement Scheme & its benefits

CBDT Explains APA through a press release. Indian APA Scheme Notifies Three Types of APA unilateral, bilateral and multilateral. Press Release clarifies that the choice is on the applicant to choose a particular type of APA at the time of making the application....

Read More
Posted Under: Income Tax |

CBDT Releases Transfer Pricing ‘Advance Pricing Agreement Scheme’ (APA)

Vide Notification No. 36 of 2012, in exercise of the powers conferred by sub-section (9) of section 92CC read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes releases Advance Pricing Agreement Scheme. The advance pricing agreement scheme shall be governed by Rules 10F to Rule 10T. ...

Read More
Posted Under: Income Tax |

Australia Transfer Pricing Legislation Approved

The Australian Senate has passed legislation on the application of transfer pricing rules, designed to ensure that multinational companies pay their 'fair share' of tax. The Tax Laws Amendment (Cross-Border Transfer Pricing) Bill (No. 1) 2012 was put forward before the house of Representatives in June 2012....

Read More
Posted Under: Income Tax |

Transfer Pricing & Role of Company Secretary

The prima-facie role of a Company Secretary is to identify all the AEs with whom the Company has transacted during the year. There are likely chances that some of the entities which are falling under the deeming fiction might go unnoticed to the auditors. The consequence of non-reporting of a transaction is as high as 2 % of the total val...

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Posted Under: Income Tax | ,

Bad-Debts Cannot be relevant factor to determine ALP of royalty transaction between licensor & licensee

The Commissioner of Income Tax – 10 Vs CA Computer Associates India Pvt. Ltd. (Bombay High Court)

Whether on facts and circumstances of the case and in law, the ITAT was justified in deleting the disallowance made of royalty paid by the respondent to CAMI USA for distribution of software products in India without appreciating that the royalty had been paid on the amount of bad debts even where the software had not worked at all?” ...

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Transfer Pricing – Specified Domestic Transaction – Whether an area of concern?

Transfer pricing until now was applicable to companies having cross border transactions with their ASSOCIATED ENTERPRISE. However, Finance Bill 2012, honoring the supreme court ruling in case of CIT vs. M/S Glaxo Smithkline Asia (P) Ltd. (Special Leave to Appeal (Civil) No(s).18121/2007), expanded the ambit of transfer pricing to specifie...

Read More
Posted Under: Income Tax |

Australia amends ‘Cross-Border Transfer Pricing’ law wef 01.07.2004

Australian Finance Ministry passes Tax Law Amendment (Cross Border Transfer Pricing Bill) Act (No. 1) 2012 with retrospective 01 July 2004. The Tax Law Amendment (Cross Border Transfer Pricing Bill) Act (No. 1) 2012 was passed by the house of representatives without amendments on 19 June 2012....

Read More
Posted Under: Income Tax |
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