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CAG To Review Transfer Pricing Case, Says I-T Dept
Reported By sami On 12th May 2011
Source spacer : spacer biz.zeenews.com
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CAG to review transfer pricing case, says I-T dept New Delhi: The Income Tax department on Thursday said that transfer pricing cases, which have revenue implications for the exchequer, will be scrutinised by the government auditor CAG."Transfer pricing cases will now be subject to audit by the Comptroller and Auditor General (CAG) of India," Director General of Income Tax (DGIT) R N Dash said while addressing a seminar organised by Assocham.Multinational corporations often use transfer pricing as a tool to shift cost of input from one country to another to avoid payment of taxes in nations with high incidence of taxes. India has been trying to tighten the transfer pricing regulations to prevent tax evasion.The CAG so far has not been auditing transfer pricing cases, which involves huge amount of revenue and often lead to litigation between the companies and the tax authorities.Dash further said that Indian authorities are currently examining various models and incorporate the best international practices in the Direct Taxes Code (DTC) to be implemented from the next financial year.When asked whether India should adopt OECD transfer pricing guidelines, Dash said, "OECD is an organisation of developed country. We are still importers of goods and services. We will loose revenue if we will adopt OECD transfer pricing guidelines."Admitting the DGIT has not been taking up transfer pricing cases aggressively, he said that out of 2003 cases which were audited last year, adjustments were made in 49 percent cases and rest were accepted as they were.Speaking on the occasion, PricewaterhouseCooper (PwC) National head Rahul Mitra said, "Nearly 70 percent of global transfer pricing litigation emanates from India."



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The B magazine has some of the most competetive rates in the Desi Publishing Industry. We are affordable to allow more businesses to tap into the Desi Market in Dallas ,TX
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TajMahal Indian Cuisine has long been Austin's favorite dining experience. Owners Ajay and his wife Kiran, were both raised and educated in the art of Indian cooking and hospitality in New Delhi, India. Opening TajMahal Indian Cuisine in 1990, the couple gave many Austinites their first taste of intriguing tastes of India. The public responded with numerous awards for Best Indian and Best Buffet in the Austin Chronicle's well-respected 'Best of Austin' awards, year after year.
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Discounted Fares Inc, as the name speaks for itself deals with discounted airfares for international travel. Willie Abraham, the President and CEO, has been in the travel industry for over 22 years. He was the Co Founder of a reputed travel agency in Dallas since 1989,moving on to open branches in Austin,Texas and Mumbai, India.
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The vision for Nishel Events by Design was created by Nisha Patel. She is well known for her high energy, spunky attitude and natural sense of unique creativity. Nisha and her staff have a true passion and talent to create that once in a lifetime experience that will never be forgotten.
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Tanmai Jewelers specilaizes in diamond jewelry. We are Importers/Exporters and trusted Suppliers of Quality Stones and Jewelry.
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Lucid Travel Inc. based in Dallas is a full service travel agency. Lucid Travels offers competitive rates for international travel (Europe, Middle East, Asia, South America and Africa). Lucid Travels Inc. has professional staff in order to meet all your travel based requirements.
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Micropix Creation is a full service Graphic,Print ,Web Design and Development Company located in Dallas ,TX
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Jai Ho..! Restaurant offers you a relaxed, contemporary atmosphere for you to enjoy an extraordinary, authentic Indian Cuisine in addition to Chinese dishes. Enjoy excellent food, cozy ambience, outstanding service and comfort in the middle of DFW metropolis.
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