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Transfer Pricing Provisions on Domestic Transactions
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Transfer Pricing Provisions on Domestic Transactions

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Where the assessee is an individual ?Any relative of the assessee
Where the assessee is a company, firm, association of persons or Hindu un- divided family ?Any director of the company, partner of the firm, or member of the association or family, or any relative of such director, partner or member
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AKM Global Corporate Advisors Private Limited

Sector 49, Gurgaon, Haryana
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Form the inception of Transfer Pricing regulations in India, it was applicable only to cross-border transactions. However, the Budget 2012 has now extended the transfer pricing regulations to domestic transactions between related parties [section 40A(2)(b)*] as well. It may be noted that the applicability of above TP provisions arises where the aggregate of such domestic transactions (not international transactions) entered into by the assessee in the previous year exceeds a sum of five crores rupees. The tax law, as it stands today, empowers the tax officer to disallow unreasonable expenditure incurred among domestic group companies (or expressed as related party transactions) and empowers tax department to re-compute the income of a tax payer eligible for certain tax incentives based on fair market value.

The tax law, as it stands today, empowers the tax officer to disallow unreasonable expenditure incurred among domestic group companies (or expressed as related party transactions) and empowers tax department to re-compute the income of a tax payer eligible for certain tax incentives based on fair market value.

DOMESTIC WORRIES
  • Arm’s length pricing of domestic related party transactions
  • Five transfer pricing methods for determining arm’s length price
  • Entities claiming tax holiday with super-normal profits to comply with TP laws
  • Taxpayers to maintain mandatory documentation for related party transactions
  • Taxpayers will have to file Form 3CEB along with their tax return
  • Domestic transactions to be assessed by transfer pricing officer instead of assessing officer

Note: * The persons specified under Section 40A (2)(b) of the Income-tax Act, 1961 are the following, namely :-

Where the assessee is an individual ? Any relative of the assessee
Where the assessee is a company, firm, association of persons or Hindu un- divided family ? Any director of the company, partner of the firm, or member of the association or family, or any relative of such director, partner or member
any individual who has a substantial interest in the business or profession of the assessee, or any relative of such individual;
a company, firm, association of persons or Hindu undivided family having a substantial interest in the business or profession of the assessee or any director, partner or member of such company, firm, association or family, or any relative of such director, partner or member, or any other company carrying on business or profession in which the first mentioned company has substantial interest
a company, firm, association of persons or Hindu undivided family of which a director, partner or member, as the case may be, has a substantial interest in the business or profession of the assessee; or any director, partner or member of such company, firm, association or family or any relative of such director, partner or member
any person who carries on a business or profession,
a) where the assessee being an individual, or any relative of such assessee, has a substantial interest in the business or profession of that person; or
b) where the assessee being a company, firm, association of persons or Hindu undivided family, or any director of such company, partner of such firm or member of the association or family, or any relative of such director, partner or member, has a substantial interest in the business or profession of that person

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Transfer Pricing Provisions on Domestic Transactions

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About the Company

Year of Establishment2007
Legal Status of FirmPrivate Limited Company
Nature of BusinessService Provider
Number of Employees26 to 50 People
Annual TurnoverRs. 50 Lakh - 1 Crore
IndiaMART Member SinceNov 2007
Incorporated in the year 1981, Ashok Maheshwary & Associates has succeeded in proving itself as a chartered accountant firm of premier rank in India. The firm was founded by Mr. Ashok Maheshwari, a seasoned Chartered Accountant and Cost Accountant with sound legal knowledge and business acumen. He has been actively involved with numerous companies from the past 28 years assisting them in various aspects related to Company Law matters, Company Audits, Internal Audits, Due Diligence, Direct Taxation, Indirect Taxation,, Advisory on Investing in India, Corporate Financial Consultancy and many more. Our firm adheres to the code of ethics prescribed by the Institute of Chartered Accountants of India. Our values both moral and ethical together with the dedication and hard work of our team have been the hallmark of our success.

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