Income Tax - Overview of Transfer Pricing Objective: – To understand the basic concept of Transfer pricing, Transfer Pricing Audit and adjustment along with key term used in Transfer Pricing. Transfer Pricing as describe in common parlance, where one business entity does business with other associate business entity. The sheer objective of Trans...
Read MoreIncome Tax - In India, though the Income Tax Act contained the concept of Transfer Pricing in Income Tax Act, 1922 itself, Globalisation & Liberalisation in the year of 1991, have led to the drastic increase in cross-border transactions thereby the need for sharing country’s revenue in a conscious and justified fair manner. Before going to TP ...
Read MoreIncome Tax - Transfer pricing provisions was incorporated in the Income Tax Act in April 2001 and now it has travel the journey of almost two decades in India. If we give one line principal to the transfer pricing provisions then it is benchmarking of international transactions entered with associated enterprises with comparables transactions (interna...
Read MoreIncome Tax - OECD published a report on the issue of ‘Base Erosion & Profit Shifting’, in which they set out 15 BEPS action plans to tackle the issue of base erosion and profit shifting. Since then OECD and G20 have continued to work on BEPS action through inclusive framework....
Read MoreIncome Tax - What is Transfer Pricing? Transfer pricing is an accounting practice followed to establish an agreed price at Arm’s length during a transaction between associated enterprises. The transactions can be in terms of goods and services. There are five methods which can be used to get to the agreed price where the profits are divided fairly [...
Read MoreIncome Tax - KSCAA has made a representation highlighting an anomaly in Transfer Pricing Assessment proceedings (TP proceedings’) concerning the AY 2018-19. Full text of their representation is as follows:- KARNATAKA STATE CHARTERED ACCOUNTANTS ASSOCIATION (R) CA. Kumar S jigajinni | President KSCAA CA. Pramod Srihari | Secretary KSCAA 13th Ju...
Read MoreIncome Tax - Government is neither listening to representations submitted by various associations, nor listening to court direction in true spirit. In Covid 19 pandemic, all professionals and Trade, ignoring life and death risk, ensured that, India will stand again, paid taxes in lakh crores but it seems government doesn’t recognize us....
Read MoreIncome Tax - All India Joint Representation Committee for GST have filed representation by way of join petition of 24 GST and Trade Associations and 5226 signatories to the signature campaign considering short extension granted in connection with GSTR 9 & 9C for FY 1819 & FY 1920 , Income Tax Returns, Tax Audit and Transfer Pricing Reports [&h...
Read MoreIncome Tax - Calcutta Citizens’ Initiative, Representation on Extension of due dates of Vivad Se Vishwas Scheme and also for extension of date for TAR and ITRs for asst year 2020-21. Calcutta Citizens’ Initiative 3, Ho Chi Minh Sarani, Ground Floor, Kolkata 700001 Ph – 033-2466-1000 Email: [email protected] URGENT Ref. CII/Rep/2021/...
Read MoreIncome Tax - Direct Taxes Professionals’ Association, Kolkata has requested FM for further extension of various due dates under Income-tax Act, 1961 especially Income Tax Return Forms for AY 2020- 21, Tax Audit Reports and other related Returns for AY 2020- 21. Text of their representation is as follows:- DIRECT TAXES PROFESSIONALS’ ASSOCIATIO...
Read MoreBilakhia Holdings Pvt. Ltd. Vs ACIT (ITAT Surat) - Bilakhia Holdings Pvt. Ltd. Vs ACIT (ITAT Surat) Facts- The Assessee Company being an investment company had received shares from its Promoters as a gift. The AO dismissed this claim stating that it was purchased by the assessee company at a discount from the said Promoters and that consideration wa...
Read MoreLite-on Mobile India Pvt. Ltd. Vs DCIT (ITAT Chennai) - Lite-on Mobile India Pvt. Ltd. Vs DCIT (ITAT Chennai) Facts- TPO in respect of procurement of management services determined NIL arm’s length price by holding that the assessee didn’t bring any evidence on record to suggest that it was in need for services for which it has paid to its AEs. Furth...
Read MoreFiremenich Aromatics Production (India) Pvt. Ltd. Vs ACIT (ITAT Mumbai) - Firemenich Aromatics Production (India) Pvt. Ltd. Vs ACIT (ITAT Mumbai) We find that IS charges were paid by the assessee for obtaining access to ERP software and for regular recurrent services and such charges were paid in earlier years also. In AY 2012-13, similar adjustment proposed by Ld. TPO wa...
Read MoreSamsung India Electronics Pvt. Ltd. Vs Additional CIT National E-Assessment Centre (ITAT Delhi) - Samsung India Electronics Pvt. Ltd. Vs Additional CIT National E-Assessment Centre (ITAT Delhi) From the report of the Assessing Officer as well as the clarification given by the ld. counsel it is seen that there are a huge refunds which are due to the assessee and as per the report of the Assessing...
Read MoreJCIT Vs Amway India Enterprises Pvt. Ltd. (ITAT Delhi) - JCIT Vs Amway India Enterprises Pvt. Ltd. (ITAT Delhi) A comparable should not be rejected simply on the ground that is margin is extremely high (or low) in relative comparison to the data pertaining to its peers. It is specifically observed by the CIT(A) that the rejection of the two comparables by...
Read MoreNotification No. 124/2021- Income Tax [S.O. 4586(E)] - (29/10/2021) - Central Government Notifies Tolerance Band for Assessment Year 2021-22 in case of wholesale trading and others vide Notification No. 124/2021- Income Tax Dated: 29th October, 2021. MINISTRY OF FINANCE (Department of Revenue) Notification No. 124/2021- Income Tax New Delhi, the 29th October, 2021 S.O...
Read MoreNotification No. 93/2020-Income Tax [S.O. 4805(E).] - (31/12/2020) - Govt notifies extend due dates of Tax Audit/ITR/VSV Scheme vide Notification No. 93/2020-Income Tax dated 31st December, 2020 MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) Notification No. 93/2020-Income Tax New Delhi, the 31st December, 2020 S.O. 4805(E).—In exercise...
Read MoreNA - (30/12/2020) - In view of the continued challenges faced by taxpayers in meeting statutory compliances due to outbreak of COVID-19, the Govt further extends the dates for various compliances. Due date for filing ITR (Non tax audit) extended till 10/01/2021. Due date for filing Tax Audit and TP Audit Report extende...
Read MoreNotification No. 83/2020-Income Tax [S.O. 3660(E)] - (19/10/2020) - Notification No. 83/2020-Income Tax Central Government hereby notifies that where the variation between the arm's length price determined under section 92C of the said Act and the price at which the international transaction or specified domestic transaction has actually been undertaken does not exc...
Read MoreMAP GUIDANCE/2020 - (07/08/2020) - Though erstwhile rules 44G and 44H were in existence for a number of years, detailed information regarding MAP processes and guidance on issues related to such processes were not available in a comprehensive and consolidated manner....
Read MoreBilakhia Holdings Pvt. Ltd. Vs ACIT (ITAT Surat) -
Lite-on Mobile India Pvt. Ltd. Vs DCIT (ITAT Chennai) -
Notification No. 124/2021- Income Tax [S.O. 4586(E)] - 29/10/2021
Firemenich Aromatics Production (India) Pvt. Ltd. Vs ACIT (ITAT Mumbai) -
Samsung India Electronics Pvt. Ltd. Vs Additional CIT National E-Assessment Centre (ITAT Delhi) -