On 22.05.2015, the Ministry of Finance uploaded the draft outlines of the new scheme of the Finance Act, 2014, which amended the provision of Income-tax Act relating to transfer pricing regime, on the website of the Finance Ministry (www.finmin.nic.in) and website of the Income-tax Department (www.incometaxindia.gov.in) for comments from stakeholders and general public by 31.05.2015. The proposed amendment in Section 92C of the Income-tax Act facilitates introduction of “range” concept for determination of Arm’s Length Price of an international transaction or a specified domestic transaction, and use of ‘multiple year data’ for comparability analysis of transfer pricing.
-Ministry of Finance