What are Transfer Pricing Rules?

The Income Tax department recently conducted surveys in BBC offices located in Mumbai, Delhi, and in different other cities in the country. According to the IT Department, the BBC has violated “TRANSFER PRICING RULES”. Transfer Pricing is a practice where ..

Tags: BBC survey • Income Tax Department • IT rsurvey • Tax evasion • trnsfer price

Month: Current Affairs - February, 2023

Category: Economy & Banking Current Affairs - 2022

PAN to be used as common identifier

PAN is a Permanent Account Number issued by the Income Tax Department of India. It is a ten-digit alphanumeric number. During the Union Budget 2023, Finance Minister Smt Nirmala Sitaraman announced that GoI is to use PAN as a universal ..

Tags: Income Tax Department • PAN • Permanent account number • Tax evasion • Union Budget

Month: Current Affairs - February, 2023

Category: Economy & Banking Current Affairs - 2022

India, Switzerland sign Joint declaration on bank account holders

As a step towards fighting black money stashed abroad, ‘Joint Declaration‘ for implementation of Automatic Exchange of Information (AEOI) has been signed between India and Switzerland. This will lead to automatic sharing of information regarding the Swiss bank accounts held ..

Tags: AEOI • Bank secrecy • Common Reporting Standard • International taxation • Offshore financial centre