Examine and explain by giving reasons in brief as to the correctness or otherwise of each of the following statements in the context of provisions contained under the Income Tax Act, 1961: (iii) Specified domestic transa
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2020
Examine and explain by giving reasons in brief as to the correctness or otherwise of each of the following statements in the context of provisions contained under the Income Tax Act, 1961: (iii) Specified domestic transactions in case of an assessee means any business transacted between the assessee and other person as referred to in section 80-IA(10) of the I.T. Act subject to that the aggregate value of such transactions in the previous year exceeds ₹ 20 crores.
Answer & Explanation:
Correct: As per section 92BA of the Income Tax Act, 1961, 'specified domestic transaction' in case of an assessee means any business transactions between the assessee and other person as referred to in section 80-IA(10) of the Income Tax Act, 1961 and where the aggregate of such transactions entered into by the assessee in the previous year exceeds ₹ 20 crore.
Topics: Income Tax Act, 1961
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