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Transfer pricing documentation has to be prepared annually, as per the Indian Transfer Pricing regulations. Full transfer pricing documentation, including an update of the functional analysis and fresh economic analysis using contemporaneous data, must be maintained, in case the total value of international transaction is more than INR 10 million and/or aggregate value of specified domestic transactions exceed INR 200 million.
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Arm's length price is the price which is applied or proposed to be applied to transactions between persons other than the Associated Enterprises in uncontrolled conditions.
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The annual TP documentation is required to be maintained if the aggregate value of all international transactions during the relevant financial year exceeds INR 10 million (approximately US$156,250) and/or specified domestic transactions during the relevant financial year exceed INR 200 million (US$3,125 million).
The economic analysis is required to be maintained to justify the arm’s length character of the international transaction, irrespective of the transaction value threshold.
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Section 92A of the Income - tax Act, 1961 specifies that two or more enterprises become associated enterprises when one of them participates, directly or indirectly, or through one or more intermediaries, in the management or control or capital of the other enterprise(s).
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The various methods to calculate the arm’s length price with respect to an international/specified transaction are as under:
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As per Section 92C of the Income - tax Act, 1961, the following methods can be used for computing arm's length price:
a) Comparable Uncontrolled Price (CUP) Method
b) Resale Price Method (RPM)
c) Cost Plus Method (CPM)
d) Profit Split Method (PSM)
e) Transactional Net Margin Method (TNMM)
f) Any Other Method
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A fresh benchmarking search needs to be conducted every year. According to Rule 10D(4), “The information and documents specified under [sub-rules (1), (2) and (2A)], should, as far as possible, be contemporaneous and should exist latest by the specified date referred to in clause (iv) of section 92F.”
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Taxpayers indulging in any international or specified domestic transactions are required to maintain a set of documents specified in Rule 10D of the Income - tax Rules, 1962. The transfer pricing documentation shall be required if the value of international transactions exceeds INR 1 crore and specified domestic transactions exceed INR 20 crore in a financial year.
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An accountant’s report in Form 3CEB must be furnished along with the Income Tax Return, i.e., (on or before 30 November following the end of the financial year under consideration). With respect to the transfer pricing documentation, the taxpayer is required to maintain the same before furnishing Form 3CEB. However, there is no requirement of furnishing the transfer pricing documentation along with accountant’s report/Form 3CEB at the time of filing tax return.
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All the taxpayers are mandatorily required to file an accountant's report prepared by an independent professional through Form No. 3CEB for all international transactions irrespective of the value of international transactions and specified domestic transactions if the value exceeds INR 20 crore in a financial year.
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As per the rule 70 (12) of the Copyright Rules, 2013, an opportunity of hearing must be given. Only after hearing, it may be decided to register the work or to reject it. The applicant himself or his/her pleader may appear in the hearing.
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Chapter XIII of the Copyright Rules, 2013, as amended, sets out the procedure for the registration of a work. Copies of the Act and Rules can be obtained from the Manager of Publications, Publication Branch, Civil Lines, Delhi or his authorized dealers on payment or download from the Copyright Office web-site, link.
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Yes. Any individual who is an author or rights owner or assignee or legal heir can file application for copyright of a work either at the copyright office or by post or by e-filing facility from the copyright Office web-site "www.copyright.gov.in"
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The fee is not reimbursable in case of rejection of the application. The fee can be paid by postal order/demand draft/online payment payable to “registrar of copyrights, New Delhi.
For information on the fee for getting work registered under the copyright act, click here
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The Copyright Office has been set up to provide registration facilities to all types of works and is headed by a Registrar of Copyrights and is located at 4th Floor Jeevan Deep Building, New Delhi- 110 001. The applications for registration of works can be filled at the counter provided at the Copyright Office from 2.30 P.M. to 4.30. P.M. from Monday to Friday. The applications are also accepted by post. On-line registration through “E-filing facility “has been provided from 14th February 2014, which facilitates the applicants to file applications at the time and place chosen by them.
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The procedure for registration is as follows:
1) Application for registration is to be made on Form
2) Separate applications should be made for registration of each work.
3) Each application should be accompanied by the requisite fee prescribed in the second schedule to the Rules.
4) The applications should be signed by the applicant or the advocate in whose favour a Vakalatnama or Power of Attorney has been executed.
5) The fee is either in the form of Demand Draft, Indian Postal Order favouring ‘Registrar Of Copyright Payable At New Delhi’ or through E-payment
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No. Acquisition of copyright is automatic and it does not require any formality. Copyright comes into existence as soon as a work is created and no formality is required to be completed for acquiring copyright.
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After you file your application and receive diary number you have to wait for a mandatory period of 30 days so that no objection is filed in the Copyright office against your claim. In case any objection is filed, the Registrar of Copyrights after giving an opportunity of hearing to both the parties, may decide to register the work or otherwise.
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Copyright is a right given by the law to creators of literary, dramatic, musical and artistic works and producers of cinematograph films and sound recordings. In fact, it is a bundle of rights including, inter alia, rights of reproduction, communication to the public, adaptation and translation of the work. There could be slight variations in the composition of the rights depending on the work.
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A website may be understood as a web-page or set of interconnected web-pages, hosted or stored on a server, and is made available online to members of public. Users can access the information and other underlying work on a website through various means such as scrolling web-pages, using internal hypertext links or a search feature.
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Under the Designs Act, 2000 the "article" means any article of manufacture and any substance, artificial, or partly artificial and partly natural; and includes any part of an article capable of being made and sold separately.
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Yes, the same applicant can apply again since no publication of the abandoned application is made by the Patent Office, provided the applicant does not publish the said design in the meanwhile.
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If anyone contravenes the copyright in a design, he is liable for every offence to pay a sum not exceeding INR25,000/- to the registered proprietor subject to a maximum of INR50,000/- recoverable as contract debt in respect of any one design.
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‘Design’ means only the features of shape, configuration, pattern or ornament or composition of lines or colour or combination thereof applied to any article whether two dimensional or three dimensional or in both forms, by any industrial process or means, whether manual, mechanical or chemical, separate or combined, which in the finished article appeal to and are judged solely by the eye, but does not include any mode or principle or construction or anything which is in substance a mere mechanical device, and does not include any trade mark.
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First-to-file rule is applicable for registrability of design. If two or more applications relating to an identical or a similar design are filed on different dates only first application will be considered for registration of design.
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If anyone contravenes the copyright in a design, s/he is liable for every offence to pay a sum not exceeding Rs. 25,000/- to the registered proprietor subject to a maximum of Rs. 50,000/- recoverable as contract debt in respect of any one design. The registered proprietor may bring a suit for the recovery of the damages for any such contravention and for injunction against repetition of the same.
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Yes, it is possible to transfer the right through assignment, agreement, transmission with terms and condition in writing or by operation of law subject to certain restrictive conditions. An application in form-10, with prescribed fees in respect of one design and appropriate fees for each additional design, for registration of the transfer documents is required to be made by the beneficiary to the Controller within six months from the date of execution of the instruments or within further period not exceeding six months in aggregate. An original/notarized copy of the instrument to be registered is required to be enclosed with the application.
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No, design means a conception or suggestion or idea of a shape or pattern which can be applied to an article or capable to be applied by industrial process or means. Example: a new shape which can be applied to a pen thus capable of producing a new appearance of a pen on the visual appearance. It is not mandatory to produce the article first and then make an application.
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For ascertaining whether registration subsists in respect of a design, a request should be made to the Patent Office, Kolkata. If the Design number is known, the request should be made on Form 6, otherwise on Form 7, together with prescribed fees. Each such request should be confined to information in respect of a single design.
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First-to-file rule is applicable for registrability of design. If two or more applications relating to an identical or a similar design are filed on different dates only first application will be considered for registration of design.
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The Controller General of Patents, Designs and Trademarks has information regarding trademark form and fees.
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Yes, Trade Marks Registry had published a list of facilitators who are willing to facilitate filing trademark applications for start-ups and act as a trademark agent on their behalf. Their fees for this purpose have also been notified.
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The legal requirements to register a trademark under the Act are:
The selected mark should be capable of being represented graphically (that is in the paper form).
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Yes. However, the basic principle is that the trademark applied for should not be substantially altered affecting its identity. Subject to this, changes are permissible according to rules detailed in the subordinate legislation.
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It can be removed on application to the Registrar on prescribed form on the ground that the mark is wrongly remaining on the register.
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The register of trademark currently maintained in electronic form contains inter alia the trademark the class and goods/ services in respect of which it is registered including particulars affecting the scope of registration of rights conferred; the address of the proprietors; particulars of trade or other description of the proprietor; the convention application date (if applicable); where a trademark has been registered with the consent of proprietor of an earlier mark or earlier rights, that fact.
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The national statues i.e., The Trade Marks Act, 1999 and rules made are as under:
· International multilateral convention.
· National bilateral treaty.
· Regional treaty
· Decision of the courts
· Office practice reduced in Manuals and guidelines and rulings of the Courts.
· Decision of Intellectual Appellate Board.
· Text books written by academician ad professional experts
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The registration of a trademark confers upon the owner the exclusive right to the use the trademark in relation to the goods or services in respect of which the mark is registered and to indicate so by using the symbol (R) and seek the relief of infringement in appropriate courts in the country. The exclusive right is however subject to any conditions entered on the register such as limitation of area of use etc. Also, where two or more persons have registered identical or nearly similar marks due to special circumstances, such exclusive right doesn't operate against each other.
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Following are the types of trademarks in India:
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Indian Patent Law follows first to file system. A provisional application is an application which can be filed if the invention is still under experimentation stage. Filing a provisional specification provides the advantage to the inventor since it helps in establishing a priority date of the invention.
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Yes. All the patent applications are kept secret upto 18 months from the date of filing or priority date whichever is earlier and thereafter they are published in the Official Journal of the Patent Office which is published every week and also available on the IPO website.
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A patent application is not examined automatically after its filing. The examination is done only after receipt of the request of examination in Form 18 either from the applicant or from third party or Form 18A for expedited examination (under conditions as prescribed in the Rules).
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Patent protection is territorial right and therefore it is effective only within the territory of India. However, filling an application in India enables the applicant to file a corresponding application for same invention in conventional countries, within or before expiry of twelve months from filling data in India. Therefore, separate patent should be obtained in each country where the applicant requires protection of his invention in those countries. There is no patent valid worldwide.
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The person concerned can perform a preliminary search on Patent Office website in the Indian Patent database of granted patent or Patent Office journal published every week. The public can conduct search free of charge on the website of Patent Office. The person concerned can also make a request for such information under section 153 of the Act.
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An invention can become patentable subject matter must meet the following criteria:
1) It should be novel.
2) It should have inventive step or it must be non-obvious.
3) It should be capable of industrial application.
4) It should not fall within any of the provisions of sections 3 and 4 of the Patents Act 1970
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The request for examination can be filed within a period of 48 months from the date of priority or date of filing of the application whichever is earlier. For more details kindly refer to rule 24B of the Patents Rules 2003 as amended.
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Patent is a statutory right for an invention granted for a limited period of time to the patentee by the government, in exchange of full disclosure of his invention for excluding others, from making, using, selling, importing the patented product or process for producing that product for those purpose without his consent.
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The Patent Office e-journal is freely available on patent office site: www.ipindia.nic.in
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After filing the applicant for the grant of patent, a request for examination is required to be made by the applicant or by third party and, thereafter, it is taken up for examination by the Patent Office. The first examination Report is issued to the applicant to give him an opportunity to correct the deficiencies in the application and meet the objections raised in the said report. The applicant must comply with the requirements within the prescribed time otherwise his application would be treated as deemed to have been abandoned.
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The minimum rate of wages fixed under the Act is remuneration payable to the worker as one package of fixed amount, neither the scheme of the Act nor any provision of the Act provides that the rate of minimum wages is to be split into basic wages and cost of living allowance. Therefore, where an employer is paying total sum which is higher than the minimum rate of wages fixed under the Act including cost of living allowance, the employer is not committing any illegality.
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In both Establishments, a core return in ‘Form A’ is required to be submitted.
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Payment can be made online through shram Suvidha Portal.
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An employee, any legal practitioner or any official of a registered trade union authorized in writing to act, any inspector under the Act or any person with permission of the authority can file claim under the Minimum Wages Act, 1948.
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As per the Indian labour laws, employers need to ensure that following amenities are available to their employees:
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Establishments which are covered under the exemption from furnishing return component of labour laws:
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Section 24 of the Industrial disputes Act does not bar the jurisdiction of an Industrial Tribunal to adjudicate upon a dispute relating to the fixation of wages of employees covered under the Act.
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An aggrieved employee can file a claim application requesting relief before the Authority under the Minimum Wages Act, 1948.
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No child shall be employed or permitted to work in any of the occupations set forth in Part A of the Schedule or in any workshop wherein any of the processes set forth in Part B of the Schedule is carried on.
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'Minimum level of acceptance’ implies minimum number of shares which the acquirer desires under the said conditional offer. If the number of shares validly tendered in the conditional offer are less than the minimum level of acceptance stipulated by the acquirer, then the acquirer is not bound to accept any shares under the offer.
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An open offer is an offer made by the acquirer to the shareholders of the target company inviting them to tender their shares in the target company at a particular price. The primary purpose of an open offer is to provide an exit option to the shareholders of the target company on account of the change in control or Substantial acquisition of shares, occurring in the target company.
If an acquirer has agreed to acquire or acquired control over a target company or shares or voting rights in a target company which would be in excess of the threshold limits, then the acquirer is required to make an open offer to shareholders of the target company.
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An open offer, other than a voluntary open offer under Regulation 6, must be made for a minimum of 26% of the target company’s share capital. The size of voluntary open offer under Regulation 6 must be for at least 10% of the target company’s share capital. Further the offer size percentage is calculated on the fully diluted share capital of the target company taking into account potential increase in the number of outstanding shares as on 10th working day from the closure of the open offer.
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“Control” means controlling the affairs or management of a target enterprise or group.
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Officially, there is no such term as hostile bid in the regulations. Hostile bid is generally understood to be an unsolicited bid by a person, without any arrangement or MOU with persons currently in control. Any person with or without holding any shares in a target company, can make an offer to acquire shares of a listed company subject to minimum offer size of 26%.
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The competition act 2002 governs the laws and regulations with respect to merger, acquisition and amalgamation transactions. Competition commission of India is the governing body.
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A 'Target Company' is the company/body corporate or corporation whose equity shares are listed in a stock exchange and in which a change of shareholding or control is proposed by an acquirer.
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In respect of acquisitions under clause (a) of sub regulation (1), and clauses (e) and (f) of sub regulation (4), the acquirer shall intimate the stock exchanges where the shares of the target company are listed, the details of the proposed acquisition in such form as may be specified, at least four working days prior to the proposed acquisition, and the stock exchange shall forthwith disseminate such information to the public.
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The National Court of Law Tribunal has been formed under the Companies Act, 2013 setup as a quasi-judicial body for corporate law purposes. NCLT is one of the recent reforms undertaken by the government in corporate law.
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Acquirer means any person who, whether by himself, or through, or with persons acting in concert with him, directly or indirectly, acquires or agrees to acquire shares or voting rights in, or control over a target company. An acquirer can be a natural person, a corporate entity or any other legal entity.
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A Company is said to be resident in India in any previous year, if:
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Taxes are collected by the Government through three means: a) voluntary payment by taxpayers into various designated Banks. For example, Advance Tax and Self Assessment Tax paid by the taxpayers, b) Taxes deducted at source [TDS] from the income of the receiver, and c) Taxes collected at source [TCS]. It is the constitutional obligation of every person earning income to compute his income and pay taxes correctly.
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Yes. A person having SEZ unit or being SEZ developer shall have to apply for a separate registration, as distinct from his place of business located outside the SEZ in the same state or union territory.
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Every person, being a CE of an international group operating in India, shall file such details in part A to Form 3CEAA. Further, such person shall also be required to file additional details as required under part B of Form No. 3CEAA if it satisfies the following criteria:
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Stamp Duty Rates w.e.f. 1st July 2020
| Instrument | Rate |
| Issue of Debenture | 0.005% |
| Transfer and Re-issue of debenture | 0.0001% |
| Issue of security other than debenture | 0.005% |
| Transfer of security other than debenture on delivery basis | 0.015% |
| Transfer of security other than debenture on non-delivery basis | 0.003% |
| Derivatives | |
| (i) Futures (Equity and Commodity) | 0.002% |
| (ii) Options (Equity and Commodity) | 0.003% |
| (iii) Currency and Interest Rate Derivatives | 0.0001% |
| (iv) Other Derivatives | 0.002% |
| Government Securities | 0% |
| Repo on Corporate Bond | 0.00001% |
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As per Section 24 of the CGST/SGST Act, the following categories of persons shall be required to be registered compulsorily irrespective of the threshold limit:
i) persons making any inter-State taxable supply;
ii) casual taxable persons;
iii) persons who are required to pay tax under reverse charge;
iv) electronic commerce operators required to pay tax under sub-section (5) of section 9;
v) non-resident taxable persons;
vi) persons who are required to deduct tax under section 51;
vii) persons who supply goods and/or services on behalf of other registered taxable persons whether as an agent or otherwise;
viii) Input service distributor (whether or not separately registered under the Act)
ix) persons who are required to collect tax under section 52;
x) every electronic commerce operator
xi) every person supplying online information and data base retrieval services from a place outside India to a person in India, other than a registered person; and,
xii) such other person or class of persons as may be notified by the Central Government or a State Government on the recommendations of the Council.
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Income-tax is levied on the annual income of a taxpayer. The year under the Income-tax Law is the period starting from 01 April and ending on 31 March of the next calendar year. The Income-tax Law classifies the year as (1) Previous year and (2) Assessment year.
The year in which income is earned is called as previous year and the year in which the income is charged to tax or is assessed is called the assessment year. For example, income earned during the period of 01 April 2019 to 31 March 2020 is treated as income of the previous year 2019-20. Income of the previous year 2019-20 will be charged to tax in the next year, i.e., in the assessment year 2020-21.
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With effect from tax year 2019-20, domestic companies shall have an option to pay income tax at the rate of 22% plus 10% surcharge and 4% cess taking the effective tax rate (ETR) to 25.17%, subject to the condition that they will not avail specified tax exemptions or incentives under the Income Tax Act. New domestic manufacturing companies, incorporated on or after 1 October 2019 and commencing manufacturing on or before 31 March 2023, making fresh investments in manufacturing, will have an option to avail an even lower tax rate of 15% plus 10% surcharge and 4% cess taking the ETR to 17.16%
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Each security is charged with a duty as specified in Schedule I of the amended Stamp Act. Securities are defined to include all those instruments specified in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956; a “derivative” as defined in clause (a) of Section 45U of the Reserve Bank of India Act, 1934; a certificate of deposit, commercial usance bill, commercial paper and such other debt instrument of original or initial maturity up to one year as the Reserve Bank of India may specify from time to time; repo on corporate bonds; and any other instrument declared by the Central Government, by notification in the Official Gazette, to be securities for the purposes of this Act.
For more information on Indian Stamp Act, 1899, click here. For more details about the amendments, refer here.
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A taxpayer may pay tax in any of the following forms:
(1) Tax Deducted at Source (TDS)
(2) Tax Collected at Source (TCS)
(3) Advance tax or Self-assessment Tax or Payment of tax on regular assessment.
The Income-tax Department maintains the database of the total tax paid by the taxpayer (i.e., tax credit in the account of a taxpayer). Form 26AS is an annual statement maintained under Rule 31AB of the Income-tax Rules disclosing the details of tax credit in his account as per the database of Income-tax Department. In other words, Form 26AS will reflect the details of tax credit appearing in the Permanent Account Number of the taxpayer as per the database of the Income-tax Department. The tax credit will cover TDS, TCS and tax paid by the taxpayer in other forms like advance tax, Self-Assessment tax, etc.
Income-tax Department will generally allow a taxpayer to claim the credit of taxes as reflected in his Form 26AS.
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In case an EOU making a product by procuring 100% raw material indigenously, then such product can be sold in the domestic market on payment of basic duty. Department of Revenue Notification No. Cicrular No. 85/2001-Cus., dated 21/12/2001, may please be seen.
For more. go to link.
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Few categories are exempted from IEC, such as:
Detailed lists of exempt categories and corresponding permanent IEC numbers are given in the section named “IEC No. Exempted Categories" in the link provided below.
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Exim Bank has been using the LOC mechanism for promoting India's exports to the traditional as well as new markets in developing countries, which need deferred credit for buying Indian machinery, goods and services. As the LOC is extended by Exim Bank on internationally competitive terms, the overseas importer of Indian goods is allowed access to the credit facility at competitive interest rates. The overseas importer and the Indian exporter do not have to negotiate credit terms separately as the credit arrangement between Exim Bank and the overseas borrower financial institution is already in place.
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The new policy for import of gold is yet to be notified by RBI post scrapping of 20: 80 scheme on 28th November 2014 and it is anticipated that this would also be accompanied by some change in duty structure.
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No, IEC need not be revalidated if the PAN is incorporated in it, but the same needs to be updated for changes in name / address / constitution.
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As per the present provision given in Chapter 3, paragraph 3.21 of the Foreign Trade Policy, exporters are given recognition as a 1 star export house, 2 star export house, 3 star export house, 4 star export house and 5 star export house etc. The eligibility criteria is:-
(1) One Star Export House -3 million $
(2) Two Star Export House – 25 million $
(3) Three Star Export House - 100 million $
(4) Four Star Export House -500 million $
(5) Five Star Export House – 2000 million $ .
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No person is allowed to make any import or export without an IEC. IEC forms a primary document for recognition by Govt. of India as an Exporter/ Importer. However, there are a few exceptions listed down by the Directorate General of Foreign Trade.
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Any goods, import of which is governed through exclusive or special privileges granted to State Trading Enterprises (STE(s)), may be imported by STE(s) as per conditions specified in ITC (HS). DGFT may, however, grant an Authorisation to any other person to import or export any of these goods under CHAPTER 2 of the Foreign Trade Policy 2015-2020. More details can be obtained from : Link
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You are permitted to capitalise the payments due from the foreign entity towards exports, fees, royalties or any other dues from the foreign entity for supply of technical know-how, consultancy, managerial and other services within the ceilings applicable. Capitalisation of export proceeds remaining unrealised beyond the prescribed period of realisation will require prior approval of the Reserve Bank of India.
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If an IEC holder does not wish to operate allotted IEC number, he may surrender same by informing issuing authority. On receipt of such intimation, issuing authority shall immediately cancel it and electronically transmit it to DGFT and Customs authorities.
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If the renewal of license is no longer valid in the State, the State must provide appropriate evidence for the same. If another provision has been introduced, such as payment of periodic fee for retention of old license, the State must ensure the process is completely online. Evidence for the same must be provided as well.
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The Reform aims at bringing ease of buying and registering property. The limitation law requires that records up to 30 years are available to the person to verify the title and encumbrances. In the current year, only 10 years of the same is proposed to be covered. Going slow on this reform will keep registering property a cumbersome process for many years. Therefore, the number of years are expected to be 15, 20 and 30 years in next 3 years.
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Rule 31 of the BOE Rules, 2011 provides for minimum eligibility criteria i.e. age, qualifications and experience for obtaining a certificate of proficiency and operate a boiler as a Boiler Operation Engineer. The said criteria is Stated for both, Diploma and Degree Holders.
However, under BRAP 2019, distinction form the qualifications under Rule 31 of the BOE Rules, 2011 has been made in relation to third-party certification. For the purpose of issuing/granting third-party certification, only a BOE who holds a degree/is a graduate in Mechanical/ Production/ Power Plant/ Metallurgical engineering from a recognised institution and has minimum 5 years of experience in the field related to boilers is eligible. The said reform excludes diploma holders to grant third-party certificate.
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The metadata shall reflect ownership details and history of ownership of land.
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There are no restrictions on BOE if they are authorized under section 34(3) of the Boilers Act 1923.
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Data pertaining to cases pending/resolved before the Civil Courts is available with the Court Registry or respective filing section(s) of the Revenue/District Courts and High Court in the State. The same falls within the purview of the State and should be integrated/ linked with the record of each parcel of land.
Further, it has been represented by some States that integration of land records and civil court case data is under consideration of the Supreme Court ecommittee. The Case Information Management System will include details of land in relation to civil court case data. In this regard, the States/UT's are advised to pursue the same for implementation with the Supreme Court e-committee. DIPP will assist States/UTs in this regard, as is required.
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The State shall develop feature only for registration under Shops and Establishments Act. The “Registration and renewal under The Shops and Establishments Act” refers only to the main heading of the reforms.
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Details of land transaction deed, property tax etc. must be displayed on a single web page on one website in a consolidated format.
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Yes. The State should encourage voluntary update of information by the establishment and remove requirement for renewal of registration under Shops and Establishments Act
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The “Departments involved” means the Departments whose clearances/ approvals/ NOCs are required prior to applying for a particular service.
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