Multinational corporation: GK, General Studies and Current Affairs

Country by Country Report

The Director General of Income Tax (Risk Assessment) has designated the Joint Director of Income Tax (Risk Assessment) as the Income Tax Authority as given by the Income Tax Act. About CbC Report The ‘Country by Country’ report or the CbC report is an annual return report that gives key elements of the financial statements ..

Income Tax department alters method to tax MNCs and Digital Firms in India

The income tax department has changed the method to tax multinational companies and digital firms with permanent establishment in India by taking into account various factors like domestic sales, employee strength, assets and user base. In ‘Profit Attribution to Permanent Establishment in India’s report, the Central Board of Direct Taxes Committee stated that MNCs that ..

Prime Minister constitutes committee to review taxation of development centres & IT sector

To review taxation of development centres and IT sector a committee has been established by the Prime Minister Dr Manmohan Singh. The Committee will function in consultations with stakeholders and related government departments to finalize the Safe Harbour provisions announced in Budget 2010. It will also recommend the approach to taxation of Development Centres. Earlier, ..