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Income 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 - 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 or lower than market prices with one or more associated entity...
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 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....
Read MoreNotification No. 90/2015 - Income Tax - (08/12/2015) - Notification No. 90/2015 - Income Tax In the Income-tax Rules, 1962 (hereinafter referred to as the said rules), in rule 10D, for sub-rule (2A), the following sub-rule shall be substituted, namely:- (2A) Nothing contained in sub-rule (1), in so far as it relates to an eligible specified domestic tra...
Read MoreF. No. 134/11/2015-TPL - (21/05/2015) - The Finance Minister in his Budget speech, while introducing the Finance (No. 2) Bill 2014, had made an announcement that range concept for determination of ALP would be introduced in the Indian transfer pricing regime however, the arithmetic mean concept will continue to apply where the number of...
Read MoreNotification No. 11/2015 - Income Tax - (04/02/2015) - Notification No. 11/2015 - Income Tax 10THA. Eligible assessee.—The 'eligible assessee' means a person who has exercised a valid option for application of safe harbour rules in accordance with the provisions of rule 10THC, and is a Government company engaged in the business of generation, transm...
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Instruction No. 3/2016 - (10/03/2016) -
Notification No. 90/2015 - Income Tax - (08/12/2015) -
F. No. 134/11/2015-TPL - (21/05/2015) -
