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Transfer pricing adjustments have been a feature of many tax systems since the 1930s. The United States led the development of detailed, comprehensive transfer pricing guidelines with a White Paper in 1988 and proposals in 1990–1992, which ultimately became regulations in 1994. [33]
The Fund Transfer Pricing (FTP) measures the contribution by each source of funding to the overall profitability in a financial institution. [1] Funds that go toward lending products are charged to asset-generating businesses whereas funds generated by deposit and other funding products are credited to liability-generating businesses.
National Financial Reporting Authority (NFRA) is the auditing and accounting supervision authority of India. The authority oversees the auditing profession and the Indian Accounting Standards under the Companies Act 2013. [1] It was formed in October 2018. The chairperson since March 2022 is Ajay Bhushan Pandey. [2]
In a path-breaking judgement, the Supreme Court of India ruled that the CAG General could audit private firms in revenue-share deals with government. The CAG has been a regular member of the United Nations ' Panel of External Auditors, and has previously served as the chairman of its board of auditors, after being elected in 2011.
Whereas appropriate transfer pricing of tangible goods can be established by comparison with prices charged for similar goods to unrelated parties, transfer pricing of intangible goods, products of intellectual efforts, rarely has comparable equivalents. Transfer prices then have to be established based on expectations of future income. [16]
The Institute of Chartered Accountants of India was established under the Chartered Accountants Act, 1949 passed by the Parliament of India with the objective of regulating accountancy profession in India. [3] ICAI is the second largest professional accounting body in the world in terms of membership second only to AICPA. [4]
The Companies Act 2013 (No. 18 of 2013) is an Act of the Parliament of India which forms the primary source of Indian company law. It received presidential assent on 29 August 2013, and largely superseded the Companies Act 1956. The Act was brought into force in stages.
Securities Transaction Tax (STT) is a tax payable in India on the value of securities (excluding commodities and currency) transacted through a recognized stock exchange. As of 2016, it is 0.1% for delivery based equity trading. [1] STT does not apply to off-market transactions or on commodity or currency transactions. [2]