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CBDT issues draft scheme on the use of multiple year data and range concept
In order to align transfer pricing regulations in India with international practices, the Honourable Finance Minister introduced the arm’s length range concept. Taxand India explores the details.
Based on the statements by the Finance Minister, the necessary legislative amendments were made in the Income Tax Act, 1961 to facilitate the said change in the manner of computation of the ALP. The power was given to the Central Board of Direct Taxes to specify the manner in which the said concepts are to implemented in computing the ALP.
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Addressing the basic constitutional challenge on NCLT and NCLAT is a big step forward, and paves the way for set up and operationalisation of these specialised fora. One would hope that the other legal defects, as pointed out by the Apex Court, are cured expeditiously through appropriate legislative action.