IRB has Considered CTIM’s Appeal on CP58 and has Given a Concession

Following the representation made by CTIM on issues relating to CP58, the IRB has considered the appeal by CTIM and has made an Announcement on CP58.

IRB has given a concession in connection with the statement of monetary and non-monetary incentive payments, required under section 83A of the Income Tax Act, 1967: CP58 does not have to be issued for the year 2011 (January 2011 – December 2011) if the payer company has issued annual statements or any other statements (in which the value of both monetary and non-monetary incentives for that year have been stated) to their agents, dealers or distributors.

Other issues relating to CP58 will be clarified in the Minutes of the Dialogue. Members will be notified once the finalised minutes are received by the Institute.