Tax Query in transfer pricing

Sale purchase transaction between the a partnership firm and a company, in which partner/ director are common and transaction value is more than 20 crore in a year, whether provision of domestic Transfer pricing is applicable under income tax act? None of them is cliaming any deduction under chapter VI-A and nor situated in exempted Zone.
Replies (2)
Quick Summary
This discussion addresses whether domestic transfer pricing provisions under the Income Tax Act apply to sale and purchase transactions exceeding 20 crore annually between a partnership firm and a company. This is particularly relevant when there are common partners or directors. The query clarifies that it's generally not applicable unless the company claims deductions under section 115BAB. For further assistance, contact cabhandaritaxservices@gmail.com.

Not applicable. But just check whether company is not claiming any deductions under section 115BAB. You can contact us on cabhandaritaxservices @ gmail.com for any clarification on transfer pricing matters.

Sure..Thanks alot....

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