In order to comply with Transfer Pricing regulations as per the Indian Income Tax Act 1961 for the Financial Year (FY) 2023-24 (Assessment Year, AY 2024-25), entities are required to complete several activities within prescribed deadlines. This article provides a comprehensive chart detailing the critical activities, relevant sections, required forms, and deadlines for TP compliance. Understanding these deadlines and requirements is crucial for businesses to avoid penalties and ensure smooth financial operations. The following chart details these activities, the corresponding legal sections, the required form numbers, and the respective deadlines.
| Activity | Section | Form No. | Deadline |
| Transfer Pricing Audit | Section 92E | Form 3CEB | 31-Oct-2024 |
| Transfer Pricing Documentation | Section 92D | – | 31-Oct-2024 |
| Return of Income (having applicability of Transfer Pricing Provisions) | Section 139 | – | 30-Nov-2024 |
| Master File | Section 92D (4)
(Rule 10DA) |
Form 3CEAA | 30-Nov-2024 |
| Intimation by Designated Constituent Entity | Section 92D (4)
(Rule 10DA) |
Form 3CEAB | 31-Oct-2024 |
| Intimation by Designated Constituent Entity | Section 286 (1)
(Rule 10DB) |
Form 3CEAC | Two months prior to the due date for furnishing of CbCR-Form 3CEAD
i.e. 31st January of Assessment Year |
| Country by Country Reporting (CbCR) (Where Parent Entity and Alternative Reporting Entity is in India) | Section 286 (2) & (4)
(Rule 10DB) |
Form 3CEAD | 12 months from the end of reporting accounting year[1]
i.e. 31st March of Assessment Year |
| Audit Report (Having applicability of Transfer Pricing Provisions) | Section 44AB | – | 31-Oct-2024 |
| Safe Harbor Application for International Transactions (In case of Assessee who is required to file Form 3CEB under section 92E) | Section 92CB | Form 3CEFA | 30-Nov-2024 |
| Safe Harbor Application for Specified Domestic Transactions (In case of Assessee who is required to file Form 3CEB under section 92E) | Section 92CB | Form 3CEFB | 30-Nov-2024 |
Conclusion: For entities involved in international transactions, adhering to these deadlines is of utmost importance to ensure full compliance with the Transfer Pricing provisions under the Indian Income Tax Act. Entities that fail to meet these deadlines may be subject to penalties under the Act. Therefore, to maintain compliance, it is advised that entities carefully plan their activities as per the aforementioned schedule.
Note:-
[1] Reporting Accounting Year means the accounting year in respect of which the financial and operational results are required to be reflected in the report referred to in sub section (2) and (4) of Section 286.
2. Accounting Year means
i. A previous year, in a case where the parent entity is resident in India; or
ii. An annual accounting period, with respect to which the parent entity of the international group prepares its financial statements under any law for the time being in force or the applicable accounting standards of the country or the territory of which such entity is resident, in any other case;
(Republished with amendments)
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