COST ACCOUNTING
TRANSFER PRICING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Lambra especially
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Overview of Master Documents and Local Documents
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Calculation of the magnitude of the comparison between Debt and Equity
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CbCR Notification receipt
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Detailed explanation-1: -“The correct due date for conclusion of TP proceedings should be 31st July 2022 and last date for completion of assessment should be 30th September 2022, ” Karnataka State Chartered Accountants Association said in a letter to Finance Minister Nirmala Sitharaman.
Detailed explanation-2: -The transfer pricing documentation shall be required if the value of international transactions exceeds INR 1 crore and specified domestic transactions exceed INR 20 crore in a financial year.
Detailed explanation-3: -Transfer Pricing was introduced through inserting Section(s) 92A-F and relevant Rule(s) 10A-E of the Income Tax Rules 1962. It ensures that the transaction between ‘related’ parties is at a price that would be comparable if the transaction was occurring between unrelated parties.
Detailed explanation-4: -Tax returns For persons having business/professional income, the income tax return is required to be filed electronically on or before 31 October of the succeeding tax year.