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: form 3cd :: Central Excise rule to resale the machines to a new company :: VAT Audit :: ACCOUNTING STANDARD :: TDS :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT
 
 
« General »
 Tax breather for foreign investors: All you need to know
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits

Income - Tax dept: CAG to review transfer pricing case
May, 13th 2011

The Income Tax (I-T) department today said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised by the government auditor CAG.

"Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of Income Tax (DGIT) RN Dash said while addressing a seminar organised by Assocham.

Multinational corporations often use transfer pricing as a tool to shift cost of input from one country to another to avoid payment of taxes in nations with high incidence of taxes. India has been trying to tighten the transfer pricing regulations to prevent tax evasion.

The CAG so far has not been auditing transfer pricing cases, which involves huge amount of revenue and often lead to litigation between the companies and the tax authorities.

Dash further said that Indian authorities are currently examining various models and incorporate the best international practices in the Direct Taxes Code (DTC) to be implemented from the next financial year.

When asked whether India should adopt OECD transfer pricing guidelines, Dash said, "OECD is an organisation of developed country. We are still importers of goods and services. We will lose revenue if we will adopt OECD transfer pricing guidelines."

Admitting the DGIT has not been taking up transfer pricing cases aggressively, he said that out of 2003 cases which were audited last year, adjustments were made in 49% cases and rest were accepted as they were.

Speaking on the occasion, PricewaterhouseCooper (PwC) National head Rahul Mitra said, "Nearly 70% of global transfer pricing litigation emanates from India."

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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