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Meaning of Specified Domestic Transaction (INTRODUCED BY FINANCE ACT2012

Income Tax - Transfer Pricing - International + Domestic - 05 - SECTION 92BA: Specified domestic transaction means the following transactions, provided the aggregate of such transactions entered into by the assessee in the previous year exceeds a sum of ₹ 5 crore (20 crore from the assessment year 2016-2017): (a) SECTION 40A(2)(b): PAYMENTS TO SPECIFIED PERSONS NOT DEDUCTIBLE UNDER CERTAIN CIRCUMSTANCES Where the assessee incurs any expenditure in respect of which payment has been or is to .....

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section 80-IA (10). e. any transaction ,referred to any other section under Chapter VI-A or section 10AA, to which provision of section 80IA(8)/(10) are applicable :or f. any other transaction as may be prescribed . Specified persons referred to section 40A(2) (b) The specified persons, in case of various assesses are as under - Where the assessee INDIVIDUAL COMPANY ,FIRM ,AOP OR HUF Substantial interest (A) any relative(i.e., spouse, brother, sister, any lineal ascendant or descendant) of such .....

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rson, as the case may be, has a substantial interest. (C) (i) any individual who has substantial interest in the business or profession of the assessee: (D) (i) a company, firm, AOP or HUF, as the case may be, having a substantial interest in business or profession of the assessee; or (ii) any director, partner or member of any such person or any relative of any such director, partner or member, or any other company carrying on business or profession in which the first mentioned company has subs .....

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