I-T department keeps tolerance range for transfer pricing unchanged

wayne


In a disappointment to businesses reeling from the Covid impact, the department has kept the tolerance range for transfer pricing unchanged for 2019-20.


This implies that there will be no relief for businesses dealing in related-party transactions.



The CBDT on Monday re-notified the prevailing 1 per cent tolerance range for wholesale trading and 3 per cent range for all other transactions undertaken during the financial year ending March 31, 2020.


Amit Agarwal, Partner Nangia & Co, said given the pandemic, it was expected the CBDT would take into account economic and business realities while notifying the tolerance range for transfer pricing cases.


“The tolerance range, as laid down, appears to be a mechanical follow-through of last year’s notification, without appreciating the business and commercial realities in Covid-19 times,” said Agarwal.


Indian transfer pricing rules prescribe a range of 35th to 65th percentile. However, in certain cases, arithmetic mean is used to measure the arm’s length price and tolerance range.


Similar to previous years, to qualify as “wholesale trading,” the purchase cost of finished goods must be 80 per cent or

CSB Bank’s profit rises 179% to Rs 68.9 crore in second quarter

wayne


CSB Bank’s profit rose by 179.8 per cent to Rs 68.9 crore in the second quarter of the current financial year, from Rs 24.6 crore in the year-ago period. Interest income rose by 24.7 per cent to Rs 470 crore from Rs 376.9 crore a year ago. The bank reported Rs 15.6 crore Covid-19 provisions during the quarter, while other provisions grew 164.9 per cent to stand at Rs 65.2 crore.


Gross NPA decreased from Rs 401 crore as of June 30 to Rs 387 crore as of September 30. Gross NPA as percen­tage of advances is at 3.04 per cent as of Septe­mber 30, while it was 3.51 per cent as of June 30. Net NPA decreased 16 per cent from Rs 195 crore in the June quarter to Rs 164 crore as of September 30.



amended terms of investment agreement with to align with Articles of Association of bank. The Investment Agreement of October 15, 2018, was executed between the bank and FIH Mauritius Investments (FIHM) in relation to acquisition of 51 per cent in the paid-up capital of the Bank by FIHM.


As

US Charges Russians With Cyberattacks On Ukraine, French Elections, Olympics

wayne

Six Russian military intelligence officers have been charged in the United States with carrying out cyberattacks on Ukraine’s power grid, the 2017 French elections and the 2018 Winter Olympic Games, the Justice Department announced on Monday.

The six GRU agents were also accused of staging a malware attack called “NotPetya” that infected computers of businesses worldwide causing nearly $1 billion in losses to three US companies alone.

In addition, they allegedly targeted international investigations into the nerve agent poisoning of Russian former double agent Sergei Skripal and his daughter, and waged cyberattacks on media outlets and parliament in Georgia.

Assistant Attorney General John Demers said the six were responsible for “the most disruptive and destructive series of computer attacks ever attributed to a single group.”

Demers said members of the same GRU unit have been charged previously with seeking to disrupt the 2016 US elections — but there were “no (2020) election interference allegations” in this indictment.





An FBI poster shows six Russian military intelligence officers accused of staging cyberattacks
 GETTY IMAGES / POOL

The indictment of the six, none of whom are in US custody, was brought by a federal grand jury in Pittsburgh, Pennsylvania, where hospitals were allegedly

Subscribe Now