The Competition Commission of India (CCI) on March 06, 2024, issued the Competition Commission of India (Determination of Turnover or Income) Regulations, 2024.
The following provisions have been stated:
• Turnover or income, as the case may be, includes the value of sales (or revenue or receipts, by whatever name called), and other operating revenue, as per the audited financial statements maintained by such enterprise.
Explanation: For this regulation, other income, indirect taxes, trade discounts and intragroup sales, if any, shall not be taken into account.
• In case audited financial statements are not available, turnover or income, shall be the amount certified by the statutory auditor of the enterprise, or a Chartered Accountant, and supported by an affidavit by any person duly authorised by the enterprise in this regard.
• Turnover or income, if not maintained in Indian Rupees, shall be converted into Indian Rupees based on, the average of the foreign currency reference rates as published by the Reserve Bank of India, for each of the relevant financial years as certified by a Chartered Accountant and supported by an affidavit by any person duly authorised by the enterprise in this regard.
• Income in case of an individual shall be the gross total income as per the Income Tax Returns (ITRs) as prescribed under the Income Tax Act, 1961 and the rules framed thereunder. Such gross total income shall.
• In case Income Tax Returns are not available or tax returns are filed in multiple jurisdictions or not filed in any jurisdiction, income shall be the total income as certified by a Chartered Accountant and supported by an affidavit by such individual.
• In the case of an individual who is not required to file an Income Tax Return, income shall be the total income as certified by a Chartered Accountant and supported by an affidavit by such individual.
They shall come into force on March 06, 2024.
[Notification No. B-14011/2/2024-ATD-I]
