The Central Board of Direct Taxes has re-notified prevailing 1% tolerance range for wholesale trading and the 3% range for all other transactions during financial year ending 31 March 2020, for transfer pricing cases for multinationals.

There has been a sharp sell-off in the equity market since the Budget presentation, with the Nifty declining 7 per cent. It is believed that foreign portfolio outflows from the equity market — triggered by the Budget announcement of a hike in the surcharge on income-tax — is behind the sell-off. Amit Agarwal, Partner with inputs from Manasvi Gupta and Mansi Jain contributed an article on Brewing of Controversy – Revision of Tax Returns under Amalgamation / Demerger for Taxsutra.