Specified Domestic Transaction - Section 92BA - Definition / Legal Terminology - Income Tax

Specified Domestic Transaction - Section 92BA Specified domestic transaction in case of an assessee means any of the following transactions, not being an international transaction:- any transaction referred to in section 80A any transfer of goods or services referred u/s 80-IA(8) any business transacted between the assessee and other person as referred u/s 80-IA(10) any transaction, referred to in any other section under Chapter Vl-A or section 10AA , to which provisions of section 80-IA (8) or (10) are applicable any business transacted between the persons referred to in section 115BAB(4) any business transacted between the assessee and other person as referred to in section 115BAE(4) [Inserted vide FA, 2023 w.e.f., 1st April 2024] any other transaction as may be prescribed and where the aggregate of such transactions entered into by the assessee in the previous year exceeds a sum of 20 crore rupees Notes:- Although section 92BA excludes international transaction from its scope but a transaction with the non-resident may be covered here in the following cases: remuneration paid by an Indian company to a non-resident director remuneration paid by a foreign company having permanent establishment to non-resident director 2. Determination of aggregate value of 20 crores The threshold limit of rupees 20 crore is applicable to aggregate of all limits of domestic transactions referred above The value to be adopted for such transactions should be as per books of account. The threshold limit of 20 crores can be computed on net basis i.e. without including indirect taxes.