The DTI Regulations have notified the mechanism for determining (i) turnover or income of an enterprise under Section 27 of the Act (i.e., orders by the Commission after inquiry into agreements or abuse of dominant position); and (ii) income of individuals under Sections 27 and 28 of the Act (i.e., division of enterprise enjoying dominant position).
The DTI Regulations provide for multiple situations such as (i) in case of an enterprise, the turnover or income includes value of sales (or revenue or receipts) and other operating revenue as per the audited financial statements maintained by such enterprise. Aspects such as other income, indirect taxes,trade discounts and intra-group sales shall not be considered. If such audited financial statements are not available, the turnover or income shall be the amount certified by the statutory auditor of the enterprise or a chartered accountant, along with an affidavit by an authorised representative of the relevant enterprise; and (ii) in case of an individual, the income of an individual is computed as the gross total income as per the individual's income tax returns as prescribed under the Income Tax Act, 1961, excluding income from house property and income from capital gains. If such income tax returns are unavailable, the income shall be the total income certified by a chartered accountant and supported by an affidavit by such individual.
The CCI has notified the DTI Regulations which are effective as of March 6,2024.
Originally published by 08 May, 2024
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