Income Tax : Learn about income tax exemptions for universities, hospitals, and educational institutions under Section 10 of the Income Tax Act...
Income Tax : Learn about the amendments to Section 92CA concerning references to the Transfer Pricing Officer for determining arm's length pric...
Income Tax : New transfer pricing rules allow arm’s length price (ALP) determinations to apply for two consecutive years, reducing compliance...
Income Tax : Finance Bill 2025 allows multi-year Arm’s Length Price determination for similar transactions, reducing repetitive proceedings i...
Finance : The Finance Bill 2025 proposes multi-year ALP determination to reduce compliance burdens in transfer pricing. Learn about its fram...
Income Tax : CBDT sets transfer pricing tolerance range at 1% for wholesale trading and 3% for other transactions for AY 2024-25, providing cla...
Income Tax : From April 2025, TPOs can determine ALP for SDTs not initially referred or reported. This ensures accurate adjustments and complia...
Income Tax : What is the procedure to approve Form 3CEB? Form uploaded by CA shall be available under For your action tab in Taxpayer’s Workl...
Income Tax : ICAI Releases Exposure Draft Guidance Note On Report Under Section 92E Of Income-Tax Act, 1961 (Transfer Pricing) Based on the la...
Income Tax : Association for Corporate Advisers and Executives (ACAE) made a Request for Extension of Due Dates for filing Tax Audit and Transf...
Income Tax : Advocate Amardeep Soni & Advocate Harsha Soni Gemplus India Pvt. Ltd. Vs ACIT (ITAT Bangalore) A Case Study of ITAT BANGALORE...
Income Tax : Bangalore ITAT overturns AO's PE classification of QlikTech India, orders fresh review based on TPO order, addresses TDS and inter...
Income Tax : ITAT Bangalore sets aside AO's decision in Qlik Tech International AB vs DCIT, addressing PE classification, TDS credit, and tax r...
Income Tax : ITAT Delhi directs inclusion of Magma Advisory Services Ltd. in Honda R&D's comparable list, rejecting TPO's reasons and DR's func...
Income Tax : ITAT Bangalore deletes AO’s protective addition in LM Wind Power case, citing settled MAP proceedings on IT fees and commission ...
Income Tax : CBDT sets 1% tolerance for wholesale trading and 3% for other cases under Section 92C for FY 2024-25. No adverse effects from retr...
Income Tax : Stay informed on the latest Income Tax Rule changes with Notification No. 104/2023 by the Ministry of Finance. Learn about amendme...
Income Tax : Read how CBDT's Notification No. 58/2023 amends Income-tax Rules, extending Safe Harbour rules to AY 2023-24. Insights from Minist...
Income Tax : Notification No. 46/2023-Income-Tax Dated: 26th June, 2023 regarding deemed arm's length price for assessment year 2023-2024. Le...
Income Tax : In exercise of the powers conferred by the third proviso to sub-section (2) of section 92C of the Income-tax Act, 1961 (43 of 1961...
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 was involved. Hence, AO disallowed the […]
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 Transfer Pricing Audit is to control […]
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. Further, assessee has availed […]
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 documentation, […]
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 (internal or external comparables) […]
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. 4586(E).—In exercise of the powers conferred by the third proviso to […]
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 was deleted by coordinate bench on […]
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.
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 […]
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 Officer, substantial […]
