Competition Commission of India (Determination of Turnover or Income) Regulations, 2024 - B-14011/2/2024-ATD-II - Competition Law

THE COMPETITION COMMISSION OF INDIA NOTIFICATION New Delhi, the 6th March, 2024 The Competition Commission of India (Determination of Turnover or Income) Regulations, 2024 (No. 05 of 2024) No. B-14011/2/2024-ATD-II In exercise of the powers conferred by sub-section (1) and clause (fb) and (gd) of sub-section (2) of section 64 read with Explanation to clause (b) of section 27 and clause (c) of Explanation to section 48 of the Competition Act, 2002 (12 of 2003) , the Competition Commission of India hereby makes the following regulations, namely: - 1. Short Title and Commencement (1) These regulations may be called the Competition Commission of India (Determination of Turnover or Income) Regulations, 2024. (2) They shall come into force on the date of their publication in the Official Gazette. 2. Definitions (1) In these regulations, unless the context otherwise requires- (a) Act means the Competition Act, 2002 (12 of 2003) ; (b) Commission means the Competition Commission of India established under sub-section (1) of section 7 of the Act; (c) Chartered Accountant means a chartered accountant as defined in Explanation (a) to section 35 of the Act; (d) Turnover means turnover as defined under section 2(y) of the Act and as explained in Explanation 2 under section 27(b) of the Act. (2) Words and expressions used but not defined in these regulations shall have the same meanings respectively as assigned to them in the Act or the rules or regulations framed thereunder or in the Companies Act, 2013 (18 of 2013). 3. Determination of turnover or income for enterprise for the purposes of Section 27 of the Act (1) Turnover or income, as the case may be, includes value of sales (or revenue or receipts, by whatever name called), and other operating revenue, as per the audited financial statements maintained by such enterprise. Explanation: For the purpose of this regulation, other income, indirect taxes, trade discounts and intragroup sales, if any, shall not be taken into account. (2) In case an enterprise is required to prepare a consolidated financial statement under Section 129 of the Companies Act, 2013 or under any law, turnover or income shall be based on such audited consolidated financial statements. (3) In case audited financial statements are not available, turnover or income, shall be the amount certified by the statutory auditor of the enterprise, or a Chartered Accountant, and supported by an affidavit by any person duly authorised by the enterprise in this regard. (4) Turnover or income, if not maintained in Indian Rupees, shall be converted into Indian Rupees based on, the average of the foreign currency reference rates as published by the Reserve Bank of India, for each of the relevant financial year as certified by a Chartered Accountant and supported by an affidavit by any person duly authorised by the enterprise in this regard. 4. Determination of income for individual for the purposes of Sections 27 and 48 of the Act (1) Income in case of an individual shall be the gross total income as per the Income Tax Returns (ITRs) as prescribed under the Income Tax Act, 1961 and the rules framed thereunder. Such gross total income shall exclude: (a) income from house property, and (b) income from capital gains. (2) In case Income Tax Returns are not available or tax returns are filed in multiple jurisdictions or not filed in any jurisdiction, income shall be the total income as certified by a Chartered Accountant and supported by an affidavit by such individual. (3) In case of an individual who is not required to file an Income Tax Returns, income shall be the total income as certified by a Chartered Accountant and supported by an affidavit by such individual. 5. Removal of Difficulties In a situation not provided for in these regulations, or in the matter of their interpretation, the decision of the Commission thereon shall be binding. ANUPAMA ANAND, Secy. [ADVT.-III/4/Exty./804/2023-24]