Scope Of Transfer Pricing With Respect To Transfer Of Shares
Scope Of Transfer Pricing With Respect To Transfer Of Shares Transfer prices are defined as ˜the prices at which an enterprise transfers physical goods and intangibles or provides services to associated enterprises™[1]. Whenever a transaction takes place between two entities, whether related or unrelated, a price has to be fixed. This fixing of prices for… Read More
Tags: Finance Act 2001, Income Tax Act 1961, India, Royal Dutch Shell, Taxation in India, transfer pricing, Vodafone, Vodafone India
Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961
RBI/2013-14/412 DBOD. No.BP.BC.77/21.04.018/2013-14 December 20, 2013 The Chairmen and Managing Directors / Chief Executive Officers of all Commercial Banks (excluding Regional Rural Banks) Dear Sir, Deferred Tax Liability on Special Reserve created under Section 36(1) (viii) of the Income Tax Act, 1961 Please refer to our mailbox clarification dated November 6, 2009 with respect to… Read More
Tags: Banks, Government of India, Income tax, Income Tax Act, Income Tax Act 1961, India, Karnataka High Court, United States
Widening of the scope of power of Transfer Pricing Officer in context of Section 92CA of the Income Tax Act, 1961 An Analogous study
In the last few years the Government of India has taken many steps in order to strengthen the Transfer Pricing (Taxation) regime in India. A series of amendment has been introduced in order to enhance the ambit of tax base and consequent increase in the revenue. The latest step in this direction was the extension… Read More
Tags: CBDT, Finance Act, Government of India, Income Tax Act 1961, India, Order of Australia, Taxation in India, The Income-tax Act 1961, transfer pricing
Minimum Alternative Tax And Dividend Distribution Tax On Special Economic Zone
Background Karnataka High Court (High Court) in the case of M/s Mindtree (Tax Payer) v. Union of India[1] held that the imposition of Minimum Alternate Tax and Dividend Distribution Tax on SEZs is neither a breach of promise nor a violation of the doctrine of legitimate expectation and also held that tax levies on SEZs is constitutionally valid. Facts of… Read More
Tags: Dividend Distribution Tax, Finance Act, Government of India, Income tax, Income Tax Act 1961, SEZ, SEZ Act, Special Economic Zone
Transfer Pricing of Marketing Intangibles: An Analysis in light of LG Electronics India Pvt Ltd Case
I. Introduction The taxation of income from intangibles is perhaps the most important large case issue in the inter-company transfer pricing world today.[1] An increasing number of multinational enterprises (hereinafter MNE™s) have been tapping the Indian market by offering their products through local affiliates. Due to strong market competition, they have substantially increased their advertising expenditure.… Read More
Tags: Arm's length principle, Delhi High Court, Income tax, Income Tax Act 1961, India, Maruti Suzuki, Suzuki, transfer pricing
Section 234D of the IT Act does not apply to assessments prior to June 2003
CLR Editorial Note: This case law refers to a Petition(s) for Special Leave to Appeal which is in respect of retrospectivity of Section 234D of the Income Tax Act, 1961. For the Assessment Year 1998-99, the Assessing Officer passed an assessment order prior to 01st June 2003, in which interest under section 234D was not levied. The assessee… Read More
Tags: Appeal, CIT, Commonwealth Law Reports, High Court, Hon, Income Tax Act 1961, Supreme Court, The Honourable
Income-tax (18th Amendment) Rules, 2013
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 76/2013 New Delhi, the day of 24th September, 2013 In exercise of the powers conferred by section 245Q read with section 295 of the Income-tax Act, 1961 (43 of 1961),… Read More
Tags: CITES, Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, New Delhi, Taxation in India
Income-tax (17th Amendment) Rules, 2013
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 75/2013 New Delhi, the day of 23th September, 2013 S.O. 2887(E).- In exercise of the powers conferred by sections 101 and144BA read withsection 295 of the Income-tax Act, 1961 (43… Read More
Tags: Exchange Board of India Act, Gazette of India, Government of India, Income Tax Act 1961, New Delhi, Securities & Exchange Board of India, Securities and Exchange Board of India Act 1992, Taxation in India
IT Exemptions to Chandigarh State Aids Control Society
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 77/2013 New Delhi, the day of 25th September, 2013 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of… Read More
Tags: Chandigarh, Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, New Delhi, Taxation in India
IT Exemptions to Meghalaya State Aids Control Society
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 78/2013 New Delhi, the day of 25th September, 2013 In exercise of the powers conferred by clause (46) of section 10 of the Income-tax Act, 1961 (43 of… Read More
Tags: Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, Meghalaya, New Delhi, Taxation in India
Income-tax (18th Amendment) Rules, 2013
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 76/2013 New Delhi, the day of 24th September, 2013 In exercise of the powers conferred by section 245Q read with section 295 of the Income-tax Act, 1961 (43 of 1961),… Read More
Tags: CITES, Gazette of India, Government of India, Income Tax Act, Income Tax Act 1961, India, New Delhi, Taxation in India
Income-tax ( 15th Amendment) Rules, 2013
[TO BE PUBLISHED IN THE GAZETTE OF INDIA EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii)] GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) Notification No. 68/2013 New Delhi, the day of 4th September, 2013 INCOME-TAX S.O. 2668(E) - In exercise of the powers conferred by sub-section (3) of section 115TAread with section 295 of… Read More
Tags: CITES, Gazette of India, Income Tax Act, Income Tax Act 1961, India, New Delhi, Securities and Exchange Board of India, Taxation in India
Repeated Retrospective Amendments
It is a fundamental principle of tax law is that the law which is to be applied has to be the once which is in force during the assessment year, unless provided otherwise expressly or impliedly.[1] This applies to charging sections and other substantive provisions but does not apply to procedural provisions,[2] but a procedural… Read More
Tags: Income tax, Income Tax Act 1961, Retrospective Amendments, Vodafone
Subscribe to the Daily Journal
India’s Leading Compliance Software
Corporate Law Referencer
