Maintenance, Keeping & Furnishing of Information and Document by persons entering into International Transaction & Specified Domestic Transaction - Section 92D and Rule 10D - International Taxation - Income Tax

Maintenance, Keeping Furnishing of Information and Document by persons entering into International Transaction Specified Domestic Transaction - Section 92D and Rule 10D Responsibility of the enterprise to maintain record [ Section 92D(1) ] Every person who has entered into an international transaction or specified domestic transaction shall keep and maintain such information and document in respect thereof, as may be prescribed. However, as per Rule 10D this provision shall not be applicable where the aggregate value, as recorded in books of accounts of international transaction entered into by the assessee does not exceed ₹ 1 crore. Being a Constituent entity of an international group, shall also keep and maintain such information and document in respect of an international group as may be prescribed [Master File]. Period for which records shall be kept maintained [ Section 92D(2) ] Rule 10D(5) has prescribed that the information and documents shall be kept and maintained for a period of 8 years from the end of the relevant assessment years. Failure to keep and maintain any such information and document shall attract a penalty u/s 271AA which shall be a sum to equal to 2% of the value of each specified domestic transaction entered into by the person. Furnishing of information or documents relating to an international transaction [ Section 92D(3) ] The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person who has entered into an international transaction or specified domestic transaction to furnish any information or document in respect thereof, as may be prescribed under section 92D(1), within a period of thirty ten days [ amended by FA 2023 ] from the date of receipt of a notice issued in this regard. However, the Assessing Officer or the Commissioner (Appeals) may, on an application made by such person, extend the period of thirty ten days [ amended by FA 2023 ] by a further period not exceeding thirty days. Failure to furnish such information and document shall attract a penalty u/s 271G which shall be a sum equal to 2% of the value of international transaction or specified domestic transaction. Section 92E : Report of CA - Assessee required to file report of CA in the Form No 3CEB upto 31st Oct of AY.