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SPECIFIED DOMESTIC TRANSACTION

Income Tax - Direct Tax Code - DTC - By: - Mr. M. GOVINDARAJAN - Dated:- 2-1-2016 - Chapter X of the Income Tax Act, 1961 ( Act for short) provides for computation of income from international transaction or . The has been inserted by Finance Act 2012 with effect from 01.04.2013. Section 92C of the Act provides for the computation of arm s length price in relation to international transaction or . Section 92D of the Act provides for maintenance and keeping of information and document by persons .....

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payment has been made or is to be made to a person referred to in Section 40A(2)(b) of the Act; Section 40A(2)(b) of the Act prescribes the following- Where the assessee is an individual, any relative of the assessee; Where the assessee is a company, firm, association of persons or Hindu Undivided Family - any director of the company, partner of the firm, or member of the association or family or any relative of such director, partner or member; Any individual who has a substantial interest in t .....

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F of which a director, partner or member, as the case may be, has a substantial interest in the business or profession of the assessee; or any director, partner or member of such company, firm, association or family or any relative of such director, partner or member; Any person who carries on a business or profession- Where the assessee being an individual, or any relative of such assessee, has a substantial interest in the business or profession of that person; or Where the assessee being a co .....

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f shares (not being shares entitled to a fixed rate of dividend whether with or without a right to participate in profits) carrying not less than 20% of the voting power; and In any other case, such person is, at any time during the previous year, beneficially entitled to not less than 20% of the profits of such business or profession. Any transaction referred to in Section 80A; Section 80A provides for deductions to be made in computing total income. Section 80A(1) provides that in computing th .....

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s engaged in infrastructure development. Section 80-IA (8) provides that where any goods or services held for the purposes of the eligible business are transferred to any other business carried on by the assessee, or where any goods or services held for the purposes of any other business carried on by the assessee are transferred to the eligible business and, in either case, the consideration, if any, for such transfer as recorded in the accounts of the eligible business does not correspond to t .....

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