Latest Expert Exchange Queries

GST Demo Service software link:
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft
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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Popular Search: TDS :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: articles on VAT and GST in India :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: cpt :: form 3cd :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: VAT Audit :: ACCOUNTING STANDARDS
Direct Tax »
 10 Points Deadline For Income Tax Returns Filing Only 2 Weeks Away.
 Income tax returns (ITR) filing: A step by step guide to check your ITR status online and offline
 How to save tax; amazing tips to make your money stay in your wallet Income tax returns (ITR) filing
 Want to save tax? Here are the best options
 Suggestion For Option To Assessee For Higher And Lower TDS/TCS For Optimization Of Tax Collection And Refunds
 CBDT to conduct nationwide review of tax collection for FY18 today
 Here are a few last-minute tax saving ideas Not planned taxes yet?
 Confessions of a fake CA exposes lacuna in e-filing of tax return
 Greetings from the income tax department
 Scrambling to scrounge proof of tax-saving investment
 5 tips to save your money Do not make this big income tax returns filing mistake

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 2018 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