Indian Transfer Pricing Compliances
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- Indian Transfer Pricing Compliances
August 8, 2024
Local File
| TP compliance | Applicability | Due date | Penalty for non compliance |
|---|---|---|---|
|
TP Study to be
maintained
u/s 92D |
If aggregate value of International Transactions > INR
1 Crore or
If Specified Domestic Transactions (SDT) > INR 20
Crores [transactions with entities/units claiming
special tax holiday exemptions or deductions u/s
80IA or 80IB or 10AA or with entities claiming
concessional tax rates of u/s 115BAB] |
31 October
2024
(1 month prior
to Tax Return
filing due
date) |
2% of value of
International
Transactions
or SDT |
|
Form No.
3CEB Report
by an
Accountant
u/s 92E |
If International Transactions (irrespective of
threshold) are undertaken with foreign Associated
Enterprises (AEs) or
If SDTs are undertaken with Indian AEs (either of the
parties are claiming any tax holiday exemptions or
concessional tax rates and the overall transactions
value exceeds INR 20 Crores) |
31 October
2024
(1 month prior
to Tax Return
filing due
date) |
INR 1,00,000 |
Master File
| TP compliance | Applicability | Due date | Penalty for non compliance |
|---|---|---|---|
|
Form No. 3CEAA
(Part A) – Master
File u/s 92D(4)
(One Page Form) |
Part A is applicable if International Transactions are
undertaken during the financial year
(Part A is applicable to all MNEs irrespective of
threshold) |
30 November
2024
(Same as Tax
Return filing
due date) |
INR
5,00,000
Non
furnishing of
information
and
documentat
ion |
|
Form No. 3CEAA
(Part B) – Master
File u/s 92D(4)
(Detailed Form) |
Part B is applicable if below twin conditions are
satisfied:- |
30 November
2024
(Same as Tax
Return filing
due date) |
INR
5,00,000
Non
furnishing of
information
and
documentat
ion |
|
Form No. 3CEAB
Master File
Intimation u/s
92D(4)
(One Page Form) |
It is applicable to MNEs crossing the above Master
File filing thresholds and having more than one
entity operating in India |
31 October
2024
(30 days prior
to Master File
filing due
date) |
INR
5,00,000
Non
furnishing of
information
and
documentat
ion |
Country-by-Country Report (CbCR)
| TP compliance | Applicability | Due date | Penalty for non compliance |
|---|---|---|---|
|
Form No.
3CEAD CbC
Report u/s
286(2)/(4)
(Detailed
Form) |
If Consolidated Group Revenue for
preceding accounting year exceeds INR
6,400 Crores. However, if the bilateral exchange relationship for the automatic exchange of CbC Reports between tax authorities of Parent Entity/Alternate Reporting Entity (ARE) Jurisdiction and Indian jurisdiction is activated, then the Indian entity need not file CbCR in India as per Form No. 3CEAD. Indian entity is only required to file a CbCR Notification via Form No. 3CEAC. Link to check activated exchange relationships for CbCR https://www.oecd.org/tax/beps/country-by-country-exchange-relationships.htm |
12 months from the
Penalty for non
compliance
end of group’s
accounting year 31 December 2024 (if Group’s accounting year is ending on 31 December 2023) |
INR 5,00,000 –
Furnishing of
inaccurate
information in
CbCR INR5,000/15,000/ 50,000 per day – Non-furnishing of CbCR – Depending on the days of delay of violation |
|
Form No
3CEAC
CbCR
Notification
u/s 286(1)
(One Page
Form) |
CbCR Notification is to be filed when
Parent Entity/ ARE is filing CbCR in its
respective jurisdiction and there is an
automatic exchange of CbCR activated
between Parent/ARE’s jurisdiction and
the jurisdiction of Constituent entity i.e.,
India |
10 months from the
end of group’s
accounting year 31 October 2024 (if Group’s accounting year is ending on 31 December 2023) |
INR 5,00,000 –
Furnishing of
inaccurate
information in
CbCR INR5,000/15,000/ 50,000 per day – Non-furnishing of CbCR – Depending on the days of delay of violation |
Other Important Tax Filings
| Important Tax Compliances | Due Dates Applicable for Transfer Pricing Cases |
|---|---|
|
Income Tax Return (ITR) |
30 November 2024 |
|
Form No. 3CA/3CD – Tax Audit Report u/s 44AB |
31 October 2024 (1 month prior to ITR
due date) |
|
Form No. 29B – Report u/s 115JB for certifying book
profits computation |
31 October 2024 (1 month prior to ITR
due date) |
|
Form No. 10ID – One time application u/s 115BAB(7)
for exercise of concessional tax rate of 15% in case of
new manufacturing domestic co’s |
Before filing ITR which is due by 30
November 2024 |
|
Form No. 10IC – One time application u/s 115BAA(5)
for exercise of concessional tax rate of 22% in case of
domestic co’s |
Before filing ITR which is due by 30
November 2024 |
|
Form No. 56F – Report u/s 10A/10AA for claiming tax exemptions/reliefs by FTZ/SEZ units/entities |
31 October 2024 (1 month prior to ITR
due date) |
|
Form No. 56FF – Particulars to be furnished under
clause (b) of sub-section (1B) of section 10A for
claiming tax exemptions/reliefs by FTZ/SEZ
units/entities |
31 October 2024 (1 month prior to ITR
due date) |
|
Form No. 10CCB – Audit Report u/s
80I(7)/80IA(7)/80IB/80IC/80IE for claiming tax holiday
deductions |
31 October 2024 (1 month prior to ITR
due date) |
|
Form No. 10CCBBA – Audit Report u/s 80ID(3)(iv) for
claiming deduction in respect of profits and gains
from business of hotels and convention centres in
specified area |
31 October 2024 (1 month prior to ITR
due date) |
|
Form No. 10CCBC – Audit Report u/s 80-IB(11B) for
claiming deduction in deduction in the case of an
undertaking deriving profits from the business of
operating and maintaining a hospital in a rural area |
31 October 2024 (1 month prior to ITR
due date) |
|
Form No. 10DA – Report u/s 80JJAA – Additional employee deduction |
31 October 2024 (1 month prior to ITR
due date) |
|
Form No. 67 – Statement for claiming Foreign Tax
Credit (FTC) |
On or Before end of AY i.e., 31 March
2025 |
