Inflation gallops to 10.3% in June in OECD countries - Taxindiainternational.com

INTL TAXATION INTL MISC TP FDI LIBRARY VISA BIPA NRI

NEWS FLASH

TP - Transfer pricing adjustment on account of ESOP/RSU is unsustainable as it was based on a notional & hypothetical cost not incurred by assessee : ITAT (See Breaking News)

I-T - If pursuant to court-approved amalgamation, cost of investment in shares of amalgamating company exceeds value of net assets taken over, such excess constitutes goodwill, eligible for depreciation u/s 32(1)(ii): ITAT (See Breaking News)

TP - AMP expenditure incurred by the assessee, which is the Indian arm of a foreign company, would not constitute international transactions: ITAT (See Breaking News)

TP - When computing notional interest on delayed realization of trade receivables arising from international transactions denominated in foreign currency, interest rate must be benchmarked against foreign currency rate: ITAT (See Breaking News)

TP - Outer time limit of 33 months in case of reference to TPO u/s 153 would not refer to draft order, but only to final order: ITAT (See Breaking News)

INTL - Assessment order erroneous where it allows deduction of belated deposit of employee's contribution to PF & ESI, given the same is expressly disallowed vide SC's judgment in Checkmate Services (P.) Ltd.: ITAT (See Breaking News)

INTL - For purpose of section 263, correctness of assessment order has to be examined w.r.t. the record as it exists at time of revision: ITAT (See Breaking News)

I-T - Time limits prescribed u/s 153 are applicable to assessments conducted under DRP route specified in section 144C: ITAT (See Breaking News)

I-T - Making an unsustainable claim does not per se amount to furnishing inaccurate particulars, so as to warrant imposing penalty u/s 271(1)(c) of the Act: ITAT (See Breaking News)

I-T - Time limit prescribed u/s 153 has to be adhered to and that both Section 144C and 153 are mutually inclusive and interdependent: ITAT (See Breaking News)

DTAA - Gains from trading in stock derivatives fall under Article 13(4) of DTAA & are taxable only in country of residence, i.e., Mauritius, and not in India: ITAT (See Breaking News)

I-T - Non-obstante clause in section 144C(13) imposes restriction on AO and denies him benefit of more expansive time limit available under section 153: ITAT (See Breaking News)

I-T - AO's failure to test computation under Rule 8D demonstrates case of lack of inquiry, making deeming provisions of Explanation 2, clause (a) to Sec 263 applicable: ITAT (See Breaking News)

I-T - Provisions of Section 144C and Section 153 are mutually inclusive, and non-obstante clause in Section 144C(13) does not extend primary limitation period set by Section 153: ITAT (See Breaking News)

I-T - Time limit for completing assessment for 'eligible assessee' under the Dispute Resolution Panel mechanism is governed by overarching provisions of Section 153: ITAT (See Breaking News)

I-T - Fundamental jurisdictional defect cannot be cured by procedural compliance with Section 148A or by exclusion of time available under other provisos to Section 149(1): ITAT (See Breaking News)

TII SEARCH

Home >> News Brief


Inflation gallops to 10.3% in June in OECD countries By TII News Service Aug 03, 2022 , New Delhi
YEAR-ON-YEAR inflation in the OECD as measured by the Consumer Price Index (CPI) rose to 10.3% in June 2022, compared with 9.7% in May 2022. This represents the sharpest price increase since June 1988. Year-on-year inflation, which continues to be impacted by food and energy prices, increased in all countries except Germany, Japan and the Netherlands. About one-third of OECD countries recorded double-digit inflation, with the highest rate recorded in Türkiye (78.6%). By contrast, the lowest rate was recorded in Japan (2.4%). Food price inflation in the OECD continued to pick up strongly, reaching 13.3% in June 2022compared with 12.6% in May, the strongest food price increase since July 1975. Energy price inflation jumped to 40.7% year-on-year in June 2022, up from 35.4% in May. Excluding food and energy, year-on-year inflation increased to 6.7% in June 2022, compared with 6.4% in May 2022. Year-on-year inflation in the average of the G7 countries reached 7.9% in June 2022 compared with 7.5% in May. The strongest rise was recorded in Italy (1.1 percentage points), followed by France (0.6 percentage point). Energy prices remained the main contributor to inflation in France, Germany, Italy and Japan, while inflation excludingfood and energy drove inflation in the United Kingdom and the United States (Figure 2). In the G7 area, year-on-year inflation excluding food and energy decreased slightly to 4.7%, compared with 4.8% in May 2022. In the euro area, headline year-on-year inflation as measured by the Harmonised Index of Consumer Prices (HICP) rose to 8.6% in June 2022, compared with 8.1% in May 2022. Strong increases between May and June 2022 were recorded in both food and energy price inflation.Eurostat’s flash estimate for the euro area in July 2022 points to a further increase in year-on-year inflation (to 8.9%), while inflation excluding food and energy increased to 4.0% compared with 3.7% in June 2022. Year-on-year inflation in the G20 area rose to 9.2% in June 2022, compared with 8.9% in May 2022, with marked increases in all the G20 emerging market economies with the exception of India.

INTL TAXATION	INTL MISC	TP	FDI	LIBRARY	VISA	BIPA	NRI	TII
DTAA Circulars (I-T Act, 1922) Limited Treaties Other Treaties TIEAs Notifications Circulars Relevant Sections of I-T Rules,1962 Instructions Administrative Orders DRP Panel I-T Act, 1961 MLI Relevant Portion of I-T Act,1922 GAAR MAP	OECD Conventions Draft Guidelines DTC Bill Committee Reports FATCA Intl-Taxation Finance Acts Manual on EoI UN Model Taxation Miscellaneous Cost Inflation Index Union Budget Information Security Guidelines	APA Annual Report APA Rules Miscellaneous Relevant Sections of Act Instructions Circulars Notifications Draft Notifications Forms TP Rules APA FAQ UN Manual on TP Safe Harbour Rules US Transfer Pricing	FEMA Act Exchange Manual Fema Notifications Master Circulars Press Notes Rules FDI Circulars RBI Circulars Reports FDI Approved RBI Other Notifications FIPB Review FEO Act	INTELLECTUAL PROPERTY CBR Act NBFC Report Black Money Act PMLA Instruction PMLA Bill FM Budget Speeches Multimodal Transportation Vienna Convention EXIM Bank LoC Manufacturing Policy FTDR Act, 1992 White Paper on Black Money Posting Policy PMLA Cases Transfer of Property MCA Circular Limitation Act	Type of Visa SSAs EPFO Acts FAQs Rules Guidelines Tourist Visa Notifications	Arbitration Model Text Agreements	Relevant Portion of I-T Act I-T Rules, 1962 Circulars MISC Notification	About Us Contact Us


A Taxindiaonline Website. Copyright © 2010-2025 \| Privacy Policy \| Taxindiainternational.com Pvt. Ltd. OPC All rights reserved.

TIOL GROUP WEBSITES