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Income Tax - The provisions of transfer pricing are designed to keep a check on the practice of reducing the tax liability by entering into transactions at prices higher/lower than market prices with one or more associated entity....
Read MoreIncome Tax - Budget 2017- it is proposed to provide that expenditure in respect of which payment has been made by the assessee to a person referred to in under section 40A(2)(b) are to be excluded from the scope of section 92BA of the Act. Accordingly, it is also proposed to make a consequential amendment in section 40(A)(2)(b) of the Act....
Read MoreIncome Tax - In this article we will explain about the provisions relating to penalty for failure to keep and maintain documents in respect of specified domestic transactions. However, before understanding the penalty provisions, one should have an overview of the basic provisions of transfer pricing in relation to specified domestic transactions....
Read MoreIncome Tax - Introduction As we know the Finance Act 2012 has extended the scope of Transfer Pricing provisions to ‘Specified Domestic Transactions’ (SDT) between related parties w.e.f. AY 2013-14 by inserting section 92BA. Since its introduction there was ambiguity on its applicability to cooperative societies. There was no doubt of its applicabi...
Read MoreIncome Tax - Transfer Pricing is the setting of the price for goods and services sold between controlled/related legal entities. It is generally aimed at depicting favourable performance of a conglomerate by shifting earnings from a high tax jurisdiction to a low-tax one....
Read MoreNotification No. 4 of 2018-DGIT(S) - (05/04/2018) - Procedure for registration and submission of Statement of Reportable Account as per section 285BA of Income-tax Act, 1961 read with Rule 114G of Income-tax Rules, 1962. ...
Read MoreNotification No. 3 of 2018-DGIT(S) - (05/04/2018) - Procedure for registration and submission of statement of financial transactions (SFT) as per section 285BA of Income-tax Act, 1961 read with Rule 114E of Income-tax Rules, 1962. ...
Read MoreNotification No. 2 of 2018-DGIT(S) - (05/04/2018) - As per sub-rule (1)(i) and sub-rule (4) of Rule 114D, the statement in Form No. 61 shall be furnished through online transmission of electronic data to a server designated for this purpose and in accordance with the data structure specified in this regard by the Principal Director General of Income-...
Read MoreNotification No. 1 of 2018-DGIT(S - (05/04/2018) - Under electronic verification, the individual or a person (not being a company or firm) who does not have a permanent account number and who enters into any transaction specified in under Rule 114B of the Income-tax Rules, 1962, shall make a declaration in Form No. 60 giving therein the particulars ...
Read MoreInstruction No. 3/2016 - (10/03/2016) - In terms of the provisions, any income arising from an international transaction or specified domestic transaction between two or more associated enterprises shall be computed having regard to the Arm's Length Price....
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Notification No. 4 of 2018-DGIT(S) - (05/04/2018) -
Notification No. 3 of 2018-DGIT(S) - (05/04/2018) -
Notification No. 2 of 2018-DGIT(S) - (05/04/2018) -
Notification No. 1 of 2018-DGIT(S - (05/04/2018) -
Instruction No. 3/2016 - (10/03/2016) -
Notification No. 90/2015 - Income Tax - (08/12/2015) -
