Sec. 92 :An amendment is proposed to the transfer pricing provisions which would extend the purview of the provisons to include within its scope not only international transactions but certain specified domestic transactions. The proposed amendment is to take effect from 1st day of April, 2013International Transactions: Sec. 92B The Finance Bill by way of proposed amendment has clarified that the definition of International Transaction w.e.f 1st April, 2002 shall include the following: purchase, sale, transfer, lease or use of tangible property and intangible property capital financing, borrowing, lending or guarantee provision of services transaction with an associated enterprise for business restructuring or reorganization It is further clarified that the definition of international transaction would include a transaction of intangibles in various categories. Some of the categories included, relate to marketing‟, technology, art, engineering, goodwill, etc. Sec. 92BA:This proposed Sec. includes "specified domestic transactions" between related parties when the aggregate of such transactions in the previous year exceeds a sum of five crore rupees. The following are the transactions sought to be included within this Sec.: payment of expenditure to an associated party as referred to in Sec. 40A(2)(b) any transaction referred to in Sec. 80A; transfer of goods or services in Sec. 80-IA(b) (deductions for industrial undertaking or enterprises engaged in infrastructure development, etc.) any business transacted between the assessee and other person as referred to in Sec....
Budget 2012: Highlights - Transfer Pricing
|Author:||Mr Anil Harish|
|Profession:||D.M. Harish & Co.|
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