Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Direct Tax »
Open DEMAT Account in 24 hrs
 CBDT drops small tax demands but not TCS, TDS claims
 ITR Refund: Awaiting money from Income Tax? Here's why you have not yet received your amount
 Income Tax Notice: What to do if you receive a Section 143 (1) notice from taxman?
 Average tax return processing time cut to 10 days: CBDT
 7 types of Income Tax Notice ITR filers may receive for AY 2023-24
 ITR filing: Do these advance preparations before filing your income tax return
 What are the strategies to maximize tax refunds after submitting an income tax return (ITR)?
 ITR filing: Tax rules on income from house property that your should know
 CBDT likely to issue rules on angel tax next week
 Pension Taxation: Everything you need to know for ITR filing
 Income tax guide on pension: How to file pension income in ITR?

CBDT seeks suggestions to bring transparency in cross-national transactions
May, 07th 2018

The Central Board of Direct Taxes (CBDT) has proposed to secure information about immediate parent or ultimate parent of subsidiaries of multi-national companies (MNCs) in applications filled by companies before the Authority of Advance Rulings (AAR).

This is being done to put the application forms in line with global norms on base erosion and profit shifting (BEPS). The CBDT has sought feedback from all stakeholders by April 30.

Subsidiaries of MNCs fill form 34C for advance ruling, while Indian companies fill form 34D for the same in relation to the advance rulings on their transactions with MNCs or their subsidiaries in India.

These forms are proposed to be modified so that details such as name, address and the country, where subsidiaries’ immediate parent company or ultimate parent company is located, can be incorporated at the application stage itself. Peer reviews done in India by the Organisation for Economic Cooperation and Development (OECD) require the country to strengthen its system so that advance rulings do not trigger a situation of zero or low tax, which in turn, affects other countries.

S P Singh, partner, Deloitte India, said while the changes seemed quite reasonable, but these were focused mainly on the procedures. The country should also strengthen its system at AAR, he said. Currently, the AAR has only two benches — one in Delhi and another in Mumbai. There is only one acting chairman and not all vacancies of members have been filled

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting