Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: VAT RATES :: empanelment :: articles on VAT and GST in India :: VAT Audit :: cpt :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARDS :: list of goods taxed at 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TDS
 
 
Direct Tax »
 CBDT signifies achievements towards eliminating domestic black money
 Seafarers get tax exemption from Ministry of Finance
 Financial institutions need to get accounts self-certified for FATCA by April 30
 Direct tax incentives to promote start-ups
 Employer didn't deposit the TDS it deducted on your salary. How to claim it?
 Central Board of Direct Taxes clarifies on cash curb, Aadhaar
 CBDT to issue PAN, TAN within a day to improve Ease of Doing Business
 Expats who stayed in India for 182 days or more must apply for Aadhaar card: CBDT
 CBDT accomplishes direct taxes collection target for FY 2016-17
  No relief to those who defaulted on 1st IDS installment: CBDT
 New Income Tax forms: What information is being asked for? All you want to know about the new rules

CBDT announces audit relief for MNCs
March, 17th 2015

The finance ministry on Monday announced rules for multinational companies to seek the benefit of “no-audit-agreements” they sign with the tax department for four prior years as well.

Central Board of Direct Taxes (CBDT) has amended income tax rules to allow a four year roll back of advance pricing agreements (APAs). APAs were introduced to allow MNCs to declare certain value of their cross-border transactions which will not attract an audit for income suppression for five prospective years.

The IT (Third Amendment) Rules, 2015, allow retrospective application of APAs which will benefit the companies to avoid rigorous audits of cross-border transactions and the disputes arising from it. The provision of APA roll back was introduced in the July 2014 Budget but the procedure has been notified now. India has already signed five APAs with individual companies and one bilateral APA with a Japanese company, believed to be Mitsui, and the tax authorities in Japan. These agreements are seen as instruments to ensure tax certainty for MNCs.

The new rules say the value of cross-border transactions to be declared, or the manner to compute it for any of the past years, has to be the same as the one agreed for future years. Any appeals filed by the company or tax department before tribunals and high courts for any of the past years for which APA roll back is sought, will be withdrawn by the respective parties. “This is a welcome move which will provide certainty to taxpayers for four prior tax years and in all provide certainty for nine years i.e five prospective years and four prior years. One can opt for roll back provisions only with respect to same international transactions covered in the forward looking agreement,” said Samir Gandhi, Partner, Deloitte Haskins and Sells.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Development Software Programming Software Engineering Custom Software Development Requirement Based Software Development Software Solutions Software Serv

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions