Transfer Pricing

Budget 2018: Impact Analysis of Country by Country Reporting

Income Tax - It was proposed in Finance Act 2016. It is a part of three-tiered transfer pricing documentation structure which must be maintained and produced before the income-tax authorities along with a master file (contains standardized information relevant for all Multinational enterprise group members) and a local file (refers specifically to mat...

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Union Budget 2018: Streamlining Business Connection in accordance with BEPS Action Plan

Income Tax - It has been widely reported that multinational corporations resort to base erosion and profit sharing (BEPS) techniques to shift their profit to tax havens or nations with lower tax incidence. ...

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Country by Country Reporting (CbC Reporting) – India’s Step Forward to OECD’s BEPS Action Plans

Income Tax - The OECD report on Action Plan 13 of BEPS Action plan provides for re-examination of transfer pricing documentation. It also provides for a template for country-by-country reporting of income, earnings, taxes paid and certain measure of economic activity. ...

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Rationalisation of provisions relating to Country-by-Country Report

Income Tax - Section 286 of the Act contains provisions relating to specific reporting regime in the form of Country-by-Country Report (CbCR) in respect of an international group. Based on model legislation of Action Plan 13 of Base Erosion and Profit Shifting (BEPS)...

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“Business connection” to include “Significant Economic presence”

Income Tax - The oranges upon the trees in California are not acquired wealth until they are picked, not even at that stage until they are packed, and not even at that stage until they are transported to the place where demand exists and until they are put where the consumer can use them....

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Introduce threshold limit of Rs. 25 crore for SDT documentation requirements: ICAI

Income Tax - The Finance Act 2012 has introduced DTP in spite of existing provisions under the Act which empower the Assessing Officer (AO) to re-compute the income of assessees availing profit-linked deductions if there are transactions with related parties or other undertakings of the same assessee...

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Acceptance of Transfer Pricing MAP and bilateral APA – Reg.

Income Tax - Clarification of India’s position on the acceptance of MAP and bilateral APA in cases of countries where Article 9(2) of OECD Model Tax Commentary is absent...

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Guidance Note on Transfer Pricing Report U/s. 92E of Income Tax Act, 1961

Income Tax - ICAI has released the 6th Edition (November 2017) of the Guidance Note on Report Under Section 92E of the Income Tax Act, 1961 (Transfer Pricing). This Guidance Note was previously revised in February, 2013 , August 2013 and October 2016. The ICAI has revised Guidance note on Report under Section 92E of the Income Tax […]...

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Fighting Tax Crime: The Ten Global Principles

Income Tax - This report sets out the 10 essential principles for effectively fighting tax crimes. It covers the legal, institutional, administrative, and operational aspects necessary for putting in place an efficient system for fighting tax crimes and other financial crimes. It draws on the insights and experience of jurisdictions around the world. ...

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Effective Inter-Agency Co-Operation in Fighting Tax Crimes and Other Financial Crimes (Third Edition)

Income Tax - This report describes the current position in 51 countries as to the law and practice for domestic inter-agency co-operation in fighting tax crimes and other financial crimes including, for the first time, co-operation with authorities responsible for the investigation and prosecution of corruption. It identifies successful practices base...

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Omission of SDT by Finance Act 2017, renders it non-existent from inception: ITAT Bangalore

Texport Overseas Private Limited vs. DCIT (ITAT Bangalore) - Whether the omission of reference of section 40A(2)(b) from section 92BA by virtue of the amendment of Finance Act, 2017 w.e.f. 01.04.2017 shall be deemed not to be on the statute since its introduction w.e.f. 01.04.2012?...

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Section 92B- Deemed international transaction- Termination of Option rights under agreement

Vodafone India Services Pvt Ltd Vs. DCIT (ITAT Ahmedabad) - Vodafone India Services Pvt Ltd Vs. DCIT (ITAT Ahmedabad)  97. The question that we really need to address ourselves to is whether the above arrangement constitutes an ‘international transaction’. However, before we do so, it is only appropriate that we take a look at the relevant definitions u...

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Compute working capital adjustment using OECD methods: ITAT upheld DRP direction

Income Tax Officer Vs M/s H&S Software Development & Knowledge Management Centre Pvt. Ltd. (ITAT Delhi) - Whether the observations of Honble DRP is right in directing the TPO to give working capital adjustment [using OCED methodology given in Annexure to chapter – 3 and applying SBI Prime Lending Rate (as on 30th June of the relevant financial year) as the interest rate] against the TPO order dated 16...

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Omission of clause from statue- Deemed to be from inception or not?

Texport Overseas Private Limited Vs. Dy. CIT (ITAT Bangalore) - Pursuant to the amendment made by Finance Act 2017, omission of clause (i) of Section 92BA of the IT Act, 1961 be deemed to be removed from statute since the beginning until and unless there is some saving clause or provision that pending proceedings shall be continued and be disposed off under old ...

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ALP adjustment for excess credit period to AEs without charging any interest

Nuance Transcription Services India (P.) Ltd. v Dy. CIT (ITAT Bengaluru) - ITAT Bengaluru held in the case of Nuance Transcription Services India (P.) Ltd. v Dy. CIT that Outstanding Receivables from AE is an international transaction as per Explanation to Section 92B inserted by the Finance Act 2012 and non-charging of interest for a period exceeding 6 months requires ALP...

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CBDT notifies rules for Country-By-Country Report and Master File rules

Notification No. 92/2017 / S.O. 3497(E) - (31/10/2017) - Information and documents to be kept and maintained under proviso to sub-section (I) of section 92D and to be furnished in terms of sub-section (4) of section 92D. 10DA. (1) Every person, being a constituent entity of an international group shall,-...

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Country-by-Country reporting & furnishing of master file- Draft TP rules

F. No. 370142/25/2017-TPL - (06/10/2017) - It is proposed to insert rulac 10DA, 10DB and form nos. 3CEBA to 3CEBE in the Income-tax Rules, 1962 (`the Rules'), laying down the guidelines for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country report. In this regard, the following guidelines a...

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CBDT Amends Form No. 3CEFA related to Application for Opting for Safe Harbour

Notification No. 62/2017-Income Tax - (18/07/2017) - These rules may be called the Income-tax (21st Amendment) Rules, 2017.They shall come into force and shall be deemed to have come into force from the 1st day of April, 2017. In the Income-tax Rules, 1962, in Appendix II, in Form No. 3CEFA, in paragraph 2, under the heading Eligible International Tra...

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Draft Notification on foreign company resident in India U/s. 115JH

F No 370142/19/2017-TPL - (15/06/2017) - CBDT invites comments and suggestions on the Draft Notification in respect of foreign company said to be resident in India under Section 115JH of the Income-tax Act, 1961...

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Transfer Pricing- CBDT notifies tolerance limit for A.Y. 2018-19

Notification No. 50/2017-Income Tax - (09/06/2017) - Central Government hereby notifies that where the variation between the arm's length price determined under section 92C of the Act and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exceed one per cent of the latter in respect...

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Recent Posts in "Transfer Pricing"

Budget 2018: Impact Analysis of Country by Country Reporting

It was proposed in Finance Act 2016. It is a part of three-tiered transfer pricing documentation structure which must be maintained and produced before the income-tax authorities along with a master file (contains standardized information relevant for all Multinational enterprise group members) and a local file (refers specifically to mat...

Read More
Posted Under: Income Tax |

Union Budget 2018: Streamlining Business Connection in accordance with BEPS Action Plan

It has been widely reported that multinational corporations resort to base erosion and profit sharing (BEPS) techniques to shift their profit to tax havens or nations with lower tax incidence. ...

Read More
Posted Under: Income Tax |

Omission of SDT by Finance Act 2017, renders it non-existent from inception: ITAT Bangalore

Texport Overseas Private Limited vs. DCIT (ITAT Bangalore)

Whether the omission of reference of section 40A(2)(b) from section 92BA by virtue of the amendment of Finance Act, 2017 w.e.f. 01.04.2017 shall be deemed not to be on the statute since its introduction w.e.f. 01.04.2012?...

Read More

Country by Country Reporting (CbC Reporting) – India’s Step Forward to OECD’s BEPS Action Plans

The OECD report on Action Plan 13 of BEPS Action plan provides for re-examination of transfer pricing documentation. It also provides for a template for country-by-country reporting of income, earnings, taxes paid and certain measure of economic activity. ...

Read More
Posted Under: Income Tax |

Section 92B- Deemed international transaction- Termination of Option rights under agreement

Vodafone India Services Pvt Ltd Vs. DCIT (ITAT Ahmedabad)

Vodafone India Services Pvt Ltd Vs. DCIT (ITAT Ahmedabad)  97. The question that we really need to address ourselves to is whether the above arrangement constitutes an ‘international transaction’. However, before we do so, it is only appropriate that we take a look at the relevant definitions under the Income Tax Act, 1961. Section 9...

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Rationalisation of provisions relating to Country-by-Country Report

Section 286 of the Act contains provisions relating to specific reporting regime in the form of Country-by-Country Report (CbCR) in respect of an international group. Based on model legislation of Action Plan 13 of Base Erosion and Profit Shifting (BEPS)...

Read More
Posted Under: Income Tax |

“Business connection” to include “Significant Economic presence”

The oranges upon the trees in California are not acquired wealth until they are picked, not even at that stage until they are packed, and not even at that stage until they are transported to the place where demand exists and until they are put where the consumer can use them....

Read More
Posted Under: Income Tax |

Compute working capital adjustment using OECD methods: ITAT upheld DRP direction

Income Tax Officer Vs M/s H&S Software Development & Knowledge Management Centre Pvt. Ltd. (ITAT Delhi)

Whether the observations of Honble DRP is right in directing the TPO to give working capital adjustment [using OCED methodology given in Annexure to chapter – 3 and applying SBI Prime Lending Rate (as on 30th June of the relevant financial year) as the interest rate] against the TPO order dated 16.01.2014 passed u/s 92CA(3) for A.Y. 201...

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Transfer Pricing Documentation and Reporting

This article analyses the provisions notified to give effect to the OECD recommendations on three tiered Transfer Pricing documentation, regarding the entities to which the provisions will apply....

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Posted Under: Income Tax |

Transfer pricing guidelines– Global/Indian scene: Latest income tax obligations of entities

The following article has been written to explain the salient features of the reporting requirements enforced on corporations in India/abroad which are said to assist tax authorities around the world to use transfer pricing audit to get the tax due to their countries from corporations who seemed to have found various ways to avoid the tax...

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Posted Under: Income Tax |
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