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Sun 17th of December 2017

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IAS EXPRESS - Free Download

Central Board of Direct Taxes (CBDT) signs two Indian Advance Pricing Agreements (APAs)

The (CBDT) has entered into 2 Bilateral Advance Pricing Agreements (APAs) during the month of November, 2017. These Agreements are the first ever Bilateral APAs with The Netherlands. With the signing of these Agreements, the total number of APAs entered into by the CBDT has gone up to 186. This includes 171 Unilateral APAs and 15 Bilateral APAs.

These two APAs pertain to the Electronics and Technology sectors of the economy. The international transactions covered in these agreements include Distribution, Provision of Marketing Support Services, Provision of Business Support Services, etc.

The APA provisions were introduced in the Income-tax Act in 2012 and the Rollback" provisions were introduced in 2014. The APA Scheme endeavours to provide certainty to taxpayers in the domain of transfer pricing by specifying the methods of pricing and setting the prices of international transactions in advance. Since its inception, the APA Scheme has been well-accepted by taxpayers.

The progress of the APA Scheme strengthens the Governments resolve of fostering a non-adversarial tax regime. The Indian APA programme has been appreciated nationally and internationally for being able to address complex transfer pricing issues in a fair and transparent manner.

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Prelims Question of the Day

With regard to various types of unemployment, consider the following statements :

  1. If in an economy there is surplus workforce in one sector and there is short supply of workforce in the other sector then it is known as disguised unemployment.
  2. Disguised unemployment is found in agriculture sector in India.
  3. Frictional unemployment is caused by periodical increase and decrease in the growth of economy. Which of the statements given above is/are correct?.

(a)1 and 3 only

(b)1,2 and 3

(c)2 only

(d)2 and 3 only

Mains Question of the Day

1.GS - Ethics differ in public and private relationships. Comment.(200 Words)

2.Political Science -Examine Pakistan as a factor in Indo-American relations during the Cold War.(250 Words).

3.SOCIOLOGY -Describe the distinctive features of tribal communities in India. Discuss the factors affecting tribal identity.(250 Words).

Sociology - Thinkers