The Institute of Chartered Accountants in India (ICAI) today issued the revised guidance note on transfer pricing under section 92E of the Income Tax Act, 1961.
The law relating to transfer is dynamic and the members of the Institute are getting acquainted with the practical implications of the provisions and rules relating to Transfer pricing. Guidance has been given with regard to how the Chartered Accountant should exercise due diligence while verifying international transactions in view of the increased scope of the definition of International Transactions.
CA. Nilesh S. Vikamsey, President, ICAI said, “the responsibility of examining the records and issuing the report under section 92E is on our members. Laws in respect of transfer are complex but our members have been discharging their responsibilities ably. ICAI too guides its members in respect of the ever-changing complex laws oF Pricing. This Guidance Note on Report under Section 92E of the Income-tax Act, 1961 provides guidance to the members in this regard.”
