https://www.taxtmi.com/highlights?id=80926 Various issues related to allowability of expenses, deductions, transfer pricing adjustments, and other income tax matters for a pharmaceutical company. Key points are: Expenses incurred in providing freebies to doctors are disallowed u/s 37(1) retrospectively from 14-12-2009 as per MCI regulations and CBDT circular. Disallowance restricted to 5% of business advancement and sales promotion expenses, and entire doctor sponsorship expenses disallowed. Employee PF/ESI contribution disallowed for late deposits. Deductions u/ss 80-IC and 80-IE allowed for certain incomes like notice pay, scrap sale, service tax refund, miscellaneous income, export benefits, insurance claims, forex gains, cash discounts. Interest income eligible after excluding r..... en-us Mon, 02 Sep 2024 08:25:30 +0530 Mon, 02 Sep 2024 08:25:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80926 Various issues related to allowability of expenses, deductions, transfer pricing adjustments, and other income tax matters for a pharmaceutical company. Key points are: Expenses incurred in providing freebies to doctors are disallowed u/s 37(1) retrospectively from 14-12-2009 as per MCI regulations and CBDT circular. Disallowance restricted to 5% of business advancement and sales promotion expenses, and entire doctor sponsorship expenses disallowed. Employee PF/ESI contribution disallowed for late deposits. Deductions u/ss 80-IC and 80-IE allowed for certain incomes like notice pay, scrap sale, service tax refund, miscellaneous income, export benefits, insurance claims, forex gains, cash discounts. Interest income eligible after excluding r..... Highlights Income Tax Mon, 02 Sep 2024 08:25:30 +0530 https://www.taxtmi.com/highlights?id=80926