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"Enterprise" refers to a person or a department of the government who is or has ever engaged in any activity related to the production, storage, supply, distribution, acquisition or control of any kind of goods or services, or in the business of investing in, buying, selling, holding, or otherwise transacting in shares, debentures, or other securities of any other legal entity, either directly or through one or more of its units, no government activity related to the sov

With the prior approval of the Principal Commissioner or Commissioner, the Assessing Officer may refer the computation of the arm's length price in relation to the said international transaction or specified domestic transaction under section 92C to the Transfer Pricing Officer in cases where any person, being the assessee, entered into an international transaction or a specified domestic transaction in any prior year

A person who engages in a specified domestic transaction or an overseas transaction is required under Section 92D of the Income Tax Act to maintain the required records on a regular basis. The records must be kept for eight years starting with the applicable assessment year. An overview of Section 92D of the Income Tax Act is given in this article.

According to the nature of the transaction, class of transactions, class of associated persons, functions performed by such persons, or any other relevant factors that the Board may specify, the arm's length price in regards to an international transaction will be determined by any of the following techniques, being the most appropriate method:-

A transaction between two or even more associated businesses that involves the purchase, sale, lease, or provision of tangible or intangible property, the rendering of services, the lending or borrowing of money, or any other action that has an impact on the profits, income, losses, or assets of such businesses is referred to as a "international transaction." A consensual agreement or arrangement between two or even more associated enterprises for the utilisation or appo

According to any plan mentioned in a clause, the amount of registration to such units may be subscribed for a term not to exceed six months from the closing of subscription in securities of the Central Government that may be approved by the Board in this regard. No deduction will be made for any units issued under the schemes mentioned in the next section if the subscription period for such schemes concludes after September 30th, 1990.

An enterprise that participates in the administration, control, or capital of another firm, whether directly or indirectly, or via one or more intermediaries, is referred to as an "associated enterprise" with reference to that other enterprise. Therefore, another enterprise will be regarded as an affiliated enterprise of the contributing enterprise if an entity engages in its management, capital, or control of it.

Entry 82 of the Union List of the Seventh section of the Constitution of India regulates income taxes in India and gives the central government the authority to tax non-agricultural income. The Income Tax Act of 1961, the Income Tax Rules of 1962, the Central Board of Direct Taxes' (CBDT's) Notifications and Circulars, the yearly Finance Acts, and judicial rulings by the Supreme and high courts make up the body of income tax legislation.

To award relief for income on which both income tax under this Act and income tax in that country or specified territory have been paid, the Central Government may reach an agreement with the Government of any nation outside India or defined territory outside India.

If the amount specified in a sub-section was paid by the assessee by check in the prior year out of his income subject to tax and did not exceed the aggregate 2,600 rupees, the entire amount shall be subtracted from the assessee's total income, and in all other cases, 3,600 rupees shall be subtracted.