CA Jinesh R. Bhagdev articles

Understanding Specified Domestic Transaction Provisions

SDT includes payments to related parties, inter-unit transfer of goods or services of profit linked tax holiday-eligible units, transactions of profit-linked tax holiday-eligible units with other parties and any other transaction that may be notified by the Central Board of Direct Taxes....

Posted Under: Income Tax | ,

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 01/01/1970

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...

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. ...

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....

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. ...

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...

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?” ...

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...

Posted Under: Income Tax |

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