GET Stock QuotesNews18 APP
News18 English
»
1-min read

CBDT Seeks More Transparency in Cross-national Transactions

The Central Board of Direct Taxes (CBDT) on Saturday said the comments of stakeholders and general public need to be sent via e-mail before April 30.

IANS

Updated:April 14, 2018, 7:30 PM IST
facebookTwittergoogleskypewhatsapp
CBDT Seeks More Transparency in Cross-national Transactions
Image for representation only (Photo: Reuters)
New Delhi: The Central Board of Direct Taxes (CBDT) on Saturday invited comments from stakeholders and general public on a draft notification that aims to bring greater transparency in cross-national transactions.

It said the comments need to be sent via e-mail before April 30.

A CBDT statement said that under Action 5 of the Base Erosion and Profit Shifting (BEPS) action plan, exchange of rulings is required to be done not only with the countries of residence of all related parties with whom taxpayer enters into transaction, but also with the country of residence of the immediate parent company and the ultimate parent company.

"Therefore, in order to implement the recommendations made under Action 5 of BEPS action plan to bring greater transparency in cross-national transactions, forms 34C and 34D (forms for advance rulings) are required to be modified so that details such as name, address and country of the residence of non-resident's immediate parent company or ultimate parent company etc. are captured at application stage itself," the statement said.

It added that a draft notification has been accordingly framed and uploaded on the website of the Income Tax Department for comments from stakeholders and general public.

"The comments and suggestions on the draft rules and forms may be sent by April 30 electronically at the e-mail address ts.mapwal@nic.in," it said.

Also Watch

| Edited by: Bijaya Das
Read full article
Next Story
Next Story
facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Hindalco 264.75 +21.95 +9.04
Vedanta 311.70 +20.60 +7.08
TCS 3,191.15 +32.05 +1.01
Tata Steel 621.95 +20.35 +3.38
BPCL 376.55 -28.65 -7.07
Company Price Change %Gain
Hathway Cable 39.65 -0.65 -1.61
Maithan Alloys 882.00 +15.85 +1.83
HDFC 1,864.45 -12.15 -0.65
HDFC Life 503.15 +11.05 +2.25
Vakrangee 131.75 +6.10 +4.85
Top Gainers
Company Price Change %Gain
Hindalco 264.75 +21.95 +9.04
Vedanta 311.70 +20.60 +7.08
Tata Steel 621.95 +20.35 +3.38
Yes Bank 318.50 +8.95 +2.89
Bharti Airtel 395.35 +11.10 +2.89
Company Price Change %Gain
Tata Steel 620.55 +19.05 +3.17
Yes Bank 318.00 +8.75 +2.83
Bharti Airtel 394.95 +10.15 +2.64
Larsen 1,384.30 +23.65 +1.74
Power Grid Corp 208.20 +3.30 +1.61
Top Losers
Company Price Change %Gain
BPCL 376.55 -28.65 -7.07
HPCL 301.50 -18.10 -5.66
IOC 157.95 -7.00 -4.24
Titan Company 952.75 -24.35 -2.49
Axis Bank 512.90 -5.35 -1.03
Company Price Change %Gain
Axis Bank 513.50 -5.20 -1.00
Coal India 282.85 -2.20 -0.77
HDFC 1,864.45 -12.15 -0.65
Sun Pharma 508.80 -3.10 -0.61
IndusInd Bank 1,834.10 -10.55 -0.57