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    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 20th 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.


    Key Topics:


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

    Indirect Taxes

    • ISD VS Cross Charge


    • FEMA updates for the month of Aug 2018

    General Terms 

    Agreement v Settlement:

    • Agreement - An understanding between parties to follow a specific course of
    • Settlement - A state of being settled – a resolution of

    Industrial Disputes Act has not used the term agreement and it has used the term settlement. 

    Show Cause Notice v Charge Sheet: 

    • Show Cause Notice - Show Cause Notice is a statement which informs the delinquent employee of the acts alleged to have been committed by him and seeks his 
    • Charge Sheet - Charge Sheet is a statement of allegations and contains clearly spelt out charges quoting penal provisions of Standing


    Late Submission Fee (LSF)

    Amount involved in reporting (in Rs.)

    Late Submission Fee (LSF) as % of amount involved *

    Maximum amount of LSF applicable

    Up to 10 million

    0.05 percent

    Rs.1 million or 300% of the amount involved, whichever is lower

    More than 10 million

    0.15 percent

    Rs.10 million or 300% of the amount involved, whichever is lower

    * The % of LSF will be doubled every twelve months


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