A.N.J.A.L.I

Providing Information

Transfer Pricing Section 92E ,92D,271AA,271GA

Report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction.

92E. Every person who has entered into an international transaction or specified domestic transaction during a previous year shall obtain a report from an accountant and furnish such report on or before the specified date in the prescribed form duly signed and verified in the prescribed manner by such accountant and setting forth such particulars as may be prescribed

Penalty for failure to keep and maintain information and document, etc., in respect of certain transactions.

271AA. Without prejudice to the provisions of section 271 or section 271BA, if any person in respect of an international transaction or specified domestic transaction,—

 (i)  fails to keep and maintain any such information and document as required by sub-section (1) or sub-section (2) of section 92D;

(ii)  fails to report such transaction which he is required to do so; or

(iii) maintains or furnishes an incorrect information or document,

the Assessing Officer or Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of each international transaction or specified domestic transaction entered into by such person.

Penalty for failure to furnish information or document under section 92D.

271G. If any person who has entered into an international transaction or specified domestic transaction fails to furnish any such information or document as required by sub-section (3) of section 92D, the Assessing Officer 94[or the Transfer Pricing Officer as referred to in section 92CA] or the Commissioner (Appeals) may direct that such person shall pay, by way of penalty, a sum equal to two per cent of the value of the international transaction or specified domestic transaction for each such failure.

Following section 271GA shall be inserted after section 271G by the Finance Act, 2015, w.e.f. 1-4-2016 :

Time limit for furnishing Form No. 3CEB On or before 30th November of the relevant Assessment Year
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