Background

The modern pharmaceutical industry can be traced back to the discoveries of insulin and penicillin in the early 20th century. These products began to be mass manufactured, particularly in European countries, with other developed countries following close behind. The implementation of scientific processes to the research and discovery of new medicines has led to the industry that exists today, with companies constantly searching for new products that heal, prevent, and cure consumers.

Back in 2014, the total pharmaceutical revenues worldwide had exceeded one trillion U.S. dollars for the first time. Increased competition owing to the growing size of the industry has noticeably increased the complexities of operations, sales and marketing, which in turn have led to an alarming spike in malpractices by stakeholders involved at various levels in the industry.

Read more: Pharmaceutical Industry

Insertion of Transfer Pricing Clauses in Tax Audit Report (‘TAR’) for Financial Year (‘FY’) 2017-18

Assessee’s who enter into Specified Domestic Transactions (SDT’s)/ International Transactions with related parties/ Associated Enterprises (AE’s) must furnish the said details and independent CA certificate in Form 3CEB. However, the Govt. of India vide Notification No. 33/2018 (CBDT) has amended/ inserted some of Clauses pertaining to Transfer Pricing positions and its relevant disclosures in Form 3CD (Tax Audit Report). The said amendments shall come into effect from 20^th August 2018 and these are applicable from FY 2017-18 onwards wherein the Chartered Accountant (CA) must comment upon the applicability of the amended clauses.

Read more: Article on Amendments in Form 3CD - TAR

Key Topics:

• INTERNATIONAL TAXATION - ARTICLE ON AMENDMENTS IN FORM 3CD - TAR
• AUDIT - PHARMACEUTICAL INDUSTRY
• DIRECT & INDIRECT TAXES - CHARITABLE ACTIVITIES
• GST - FATE OF BUSINESS UNDER GST
• SEZ - SEZ PROPOSALS BY SBS AND COMPANY LLP
• LABOUR LAW - DYNAMICS OF EMPLOYEE RELATIONS - PART II

Key Topics:

Audit

• SA 240 The auditors responsibility relating to fraud in an audit of financial statements

Indirect Taxes

• ISD VS Cross Charge

FEMA

• FEMA updates for the month of Aug 2018