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The Big Four professional services firms are undergoing a significant overhaul of their tax practices, shifting from traditional advisory methods to technology-driven solutions, driven by two key factors: a surge in digitisation sweeping India Inc, and the tax department s expeditious digitisation initiatives in recent years.
Extend transfer pricing timelines due to Covid: Multinationals and their tax advisors tell government
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Some of the tax advisors have also reached out to the finance minister and the Central Board of Direct Taxes (CBDT) in this regard. Transfer pricing is a mechanism that determines the price an entity can charge from another group entity. Multinationals while providing or receiving services to group entities based outside India have to adhere to Indian transfer pricing regulations.
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There is now confusion on the due date of completing transfer pricing assessment as to whether it was this July end or next year, say tax experts.