Overlooked responsibility of the tax auditor regarding transfer pricing compliance. Here is Highlights an important but often overlooked responsibility of the Tax Auditor regarding Transfer Pricing (TP) compliance. If management is unaware that Form 3CEAA may be applicable, must be filed by the entity itself, and carries substantial penalty exposure for non-compliance, the organisation may …
Central Board of Direct Taxes releases frequently asked question’s related to filing of Income tax Form 3CEB: Q-1 : What are the essential’s for filing of Income tax Form 3CEB? Ans : Income tax Taxpayer and Chartered Accountants are registered on the e-Filing portal with valid user ID & password Status of Permanent account number of …
CORPORATE & PROFESSIONAL UPDATE DECEMBER 15, 2015 INCOME TAX ACT SECTION 5 INCOME – ACCRUAL OF Income : Where interest income from security accrued in terms of books of account maintained by assessee, but same was offered to tax on actual receipt, and Tribunal passed detailed order in favour of assessee in earlier year, which it …
ALP OF ROYALTY COULDN’T BE DETERMINED AT NIL IF ROYALTY PAYMENTS WERE PERIODICALLY APPROVED BY RBI DCIT v. Kirby Building Systems India Ltd. [Hyderabad ITAT] ITA No. 316 of 2015, dated August 07, 2015 Facts of the case The assessee-company was engaged in the business of manufacture of pre-engineered building system products. During relevant year, assessee …
ALP: TPO COULD NOT MAKE ADDITION TO ASSESSEE’S ALP BY ADOPTING CUP METHOD DURING RELEVANT YEAR WITHOUT CONDUCTING ANY FAR ANALYSIS. Schutz Dishman Bio-Tech (P.) Ltd vs DCIT [2015] (Ahmadabad – Trib.) In a recent ruling, Where Tribunal in earlier year adopted TNMM in assessee’s case for determining ALP, in absence of change in circumstances; TPO …