Delhi High Court: Challenge to NCDRC Decisions Doesn’t Always Lie in Delhi  ||  Insurance Company to be Liable Even if Insurance Policy Not Transferred  ||  Mad. HC Deals with Rampant Usage of Cool Lip Tobacco Products Amongst School Kids  ||  Del. HC: Customs Admin. While Initiating Procedure for Verification Must Specify Nature of Violation  ||  All. HC: No Period of Limitation in Suit for Declaration of Matrimonial Status of Parties  ||  Guj. HC: Lok Adalat Can Only Dispose of Matters Where there is Compromise Between Parties  ||  SC: Not Prudent for HC to Relegate Matter to Trial Court if there are Significant Delays  ||  SC: Failure to Furnish Docs. Relied on by Detaining Authority is Violative of Article 22(5) of COI  ||  SC: Can’t Reject Election Petition at Threshold When there is Compliance of Provisions of RP Act  ||  SC: Can’t Consider Resignation Final Unless its Acceptance is Communicated to the Employee    

CBDT Notifies Rule 10CB for Secondary Adjustments under Section 92CE of IT Act, 1961- (Press Information Bureau) (19 Jun 2017)

MANU/PIBU/0642/2017

Direct Taxation

Rule 10CB for operationalising the provisions of secondary adjustment has been notified by the Central Board of Direct Taxes on 15th June, 2017. It prescribes the time limit for repatriation of excess money and the rate of interest to be applied for computing the income in case of failure to repatriate the excess money within the prescribed time limit. Separate rates of interest have been provided for international transactions denominated in Indian currency and in foreign currency. The rates of interest are applicable on an annual basis.

The time limit of 90 days for repatriation of excess money shall begin only when the primary adjustments exceeding Rupees One Crore made in respect of Assessment Year 2017-18 or later, attains finality. Where the transfer pricing order is appealed against by the taxpayer, the time limit for repatriation shall commence only after the appeal is finalised by the appellate authority. The rule is available on the website of the Income-tax Department. The Finance Act, 2017 inserted section 92CE in the Income-tax Act, 1961 with effect from 1st April, 2018 to provide for secondary adjustment by attributing income to the excess money lying in the hands of the associated enterprise, in order to make the actual allocation of funds consistent with that of the primary transfer pricing adjustment. The provision shall apply to primary adjustments exceeding Rupees One Crore made in respect of Assessment Year 2017-18 onwards.

Tags : SECONDARY ADJUSTMENTS   RULE   NOTIFIED  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved