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 Audit :: cpt :: TAX RATES - GOODS TAXABLE @ 4% :: list of goods taxed at 4% :: TDS :: empanelment :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT RATES :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
News Headlines »
 Looking for last-minute tax planning with Section 80C investments? Here's help
 Aadhaar mandatory for filing income tax return
 Will Aadhaar linkage solve India's income tax woes?
 GST roll out from July 1 will make goods cheaper: Jaitley
 Aadhaar To Be Mandatory For Filing Income Tax Return, PAN Application
 7 best tax-saving solutions which can help you save money
  No proposal to replace Income Tax with Banking Cash Transaction Tax
 How to Make Tax Saving Investments Less Taxing with an SIP in ELSS
 NRIs having only investment income may not file tax returns
 With income tax returns filing deadline near, here are 3 major things to do before March 31
 When public becomes tax gatherer

CBDT notifies rules for roll back provisions under transfer pricing pacts
March, 18th 2015

In a development that will usher in relief to multinational companies and reduce litigation, the central board of direct taxes (CBDT) on Monday notified rules for implementation of roll back provisions of advance pricing agreements (APAs).

The provisions for roll back of APAs were announced by finance minister Arun Jaitley in the Budget 2014-15. However, it could not be implemented because of the absence of rules.

Amit Maheshwari, partner, Ashok Maheshwary and Associates, said that it will help the MNCs go back to their income tax assessments and reduce their litigation with the tax department. “It will bring in predictability in the taxation for the companies and will bring in administrative ease for the department,” he said.

An APA is an agreement between a taxpayer and the tax department on a transfer-pricing procedure for a certain set of transactions. It elaborates on the transfer-pricing procedure agreed by the two parties, the transactions on which it will be applicable, the arm’s length price among other things.

According to the rules, the companies which have entered into an APA for future transaction will be able to apply the same agreement for the previous four years as well, subject to certain conditions.

The rules will, however, not apply if the matter is the subject of appeal before the income tax appellate tribunal (ITAT) or if any other tribunal has passed an order disposing off such an appeal.

Rohan Phatarphekar, head of transfer pricing, KPMG India, said that it is an encouraging move as the government is giving an option to roll back APA terms to all taxpayers, even those “who have already filed for APAs in the past or the handful of taxpayers who have already signed APAs with the government.”

“These taxpayers along with those who intend to file fresh APA applications effective from 2015-16 have been given about 15 days to file roll-back applications till March 31. The deadline seems to be stringent and it would have been helpful if tax payers would have at least been given time till June 30, 2015,” he said.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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