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    The Finance Act, 2001 introduced Transfer Pricing Regulation in India by substituting existing Section 92 of the Act and introducing new sections 92 to 92F w.e.f April, 2001 (from AY 2002-03). Rule 10A to 10E with reference these sections 92 have been notified subsequently. Transfer pricing provisions were earlier restricted to international transactions only. With effect from 1.4.2013 , the scope of transfer pricing provisions gets extended to specified domestic transactions (SDT) exceeding Rupees five crore in value. (later the limit was increased to 20Crore from FY 15-16)

     

    Section 92E - Every person who has entered into an international transaction or SDT during a previous year shall obtain a report from an accountant and furnish such report on or before the specified due date (November 30th) in the prescribed form duly signed and verified in the prescribed manner by such accountant and setting forth such particulars as may be prescribed.

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    Non Banking Financial Company (“NBFC”) in generally is a financial institution that provides banking services without having the banking license. These companies are regulated by the Reserve Bank of India (“RBI”).NBFCis a company (either public or Private) registered under the Companies Act, 2013 (or 1956)which is engaged in the business of giving loans and advances, acquisition of shares/stocks/bonds/debentures/securities issued by Government or local authority or other marketable securities of a like nature, leasing, hire-purchase, insurance business, chit business but does not include any institution whose principal business is that of agriculture activity, industrial activity, purchase or sale of any goods (other than securities) or providing any services and sale/purchase/construction of immovable property.

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    INTRODUCTION 

    As we know ‘Service’ is intangible, it is this nature which makes difficult to identify the point of time at which service was provided or completed. Therefore,Point of Taxation Rules 2011 (for brevity ‘POTRules’) was introduced in Service Tax Law to ensure tax collection on accrual basis and is in harmony with other Indirect tax laws.‘Point of taxation’ means the point in time a service is deemed to have been provided/received and such framework is based on the principleof ‘Specific rule over General rule’. 

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    Oct 2016 Interns Digest

    Key Topics Covered:

    • Income Tax Act 1961
    • Audit
    • Indirect Tax
    • FEMA

    Updates

    • Income Tax
    • FEMA
    • Companies Act, 2013
    • Indirect Tax

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

    Oct – 2016 (Volume-27)

    Key Topics Covered:

    • International Taxation
    • FEMA
    • Audit
    • Income Tax
    • Companies Act, 2013
    • Indirect Tax

    Updates

    • Income Tax
    • FEMA
    • Companies Act, 2013
    • Indirect Tax

    This article is contributed by Partners of SBS and Company LLP - Chartered Accountant Company. You can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

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