My query is as follows
Assessee is partnership firm and in the business of software development. it is an center of excellence for a company in US.
it has a contract with US co to bill at cost plus 15 % margin on cost. It's turnover for FY 19-20 and 20-21 is more than 5 cr.
Are transfer pricing provision applicable to the assessee?
if yes, what compliance assessee and auditor is supposed to comply with?
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Transfer pricing applicability?
Replies (5)
Quick Summary
For applicability of TP need more information. This is not enough information. You can look Associate Enterprise defination.
Yup agree with mahesh ingole
we can read startegy ,rules and regulation by PWC they have explain it in one of their segments
we can read startegy ,rules and regulation by PWC they have explain it in one of their segments
You can refer Section 92 A. [l] where one enterprise is a firm, association of persons or body of individuals, the other enterprise holds not less than ten per cent interest in such firm, association of persons or body of individuals; or. Apart from it other condition are also to be looked in. If applicable, From compliance perspective, Form 3CEB ( Accountant report) is to be filed and maintain Transfer Pricing Documentation.
Partner of the firm IN INDIA and CEO of Company in US are relative now under this circumstances provisions of section 92 are applicable??
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