« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  A job half done... CPM backs phaseout of PNs, tax sops for NRIs... » Taxman calls on global auto firms September, 05th 2006 I-T dept says Toyota, Suzuki violating transfer pricing norms. Transfer pricing has emerged as a bone of contention between the income-tax department and global automobile majors operating in India. According to official sources, the I-T department has asked Japanese auto major Toyota to pay around Rs 190 crore. Another demand of around Rs 150 crore has been made on Suzuki. These demands were raised in March 2006 for the 2003-04 assessment year, sources said. The department is of the view that auto components imported by Indian subsidiaries from their parent are not priced according to the arms length pricing norms, thus violating rules. Transfer pricing is the method by which the goods imported or loans extended by foreign companies to their Indian subsidiaries or vice versa are priced. The I-T department is concerned that the margins earned by these companies are not comparable with their peers in the industry. A faxed query to Toyota Kirloskar Motors, the Indian subsidiary of Toyota, did not elicit any response. Meanwhile, the official spokesperson from Maruti Suzuki India said Maruti had appealed to the income tax commissioner in this regard. As the matter is subjudice, the company did not comment. The matter assumes significance as the Central Board of Direct Taxes is considering a proposal to revise the pricing norms. The proposal says that industries earning a margin of 5 per cent or less than the arms length price should be linked to the profitability of the industry and not the margin. This is significant as the transfer pricing norms specify that if the margin varies between 5 per cent of the arms length price, no adjustments can be made. Incidentally, most auto companies have margins which are 5 per cent or less.