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TMI BlogTax Evasion by Foreign CompaniesX X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Evasion by Foreign Companies - News and Press Release Dated:- 30-8-2013 - News - Data on dollars transferred abroad by foreign companies in India is not centrally maintained by the government. However, with a view to prevent shifting of profits out of India and consequent erosion of the Indian tax base, selected international transactions undertaken are analysed every year in accordance with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the transfer pricing provisions contained in Chapter X of the Income Tax Act, 1961 . The total quantum of transfer pricing adjustments made in the last three years are as under: Financial Year Amount of adjustment (in Rs. Crores ) 2011-12 23, 237 2011-12 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 44, 531 2012-13 70, 016 Chapter X , containing special provisions relating to avoidance of tax, was inserted in the Income Tax Act, 1961 vide the Finance Act, 2001. Section 92 (1) of the Income Tax Act, 1961 stipulate that income from an international transaction shall be computed based on the arm s length pri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nciple. Further, income of foreign companies operating in India is taxed as per the extant provisions of Income Tax Act, 1961 and the various Double Taxation Avoidance Agreements. Some of the relevant sections of the Income Tax Act in this regard are section 9 , 44BB , 44BBA , 44 BBB , 44DA , 115A etc. This was stated by Minister of State for Finance, Shri J.D. Seelam in a written rep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly to a question in Lok Sabha today. - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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