- Every person who has entered into an “international transaction or specified domestic transaction” shall keep and maintain the prescribed information and documents [Sec. 92D(1)] which shall be maintained for the prescribed period [Sec. 92D(2)].
- The A.O./CIT may require an assessee, in the course of any proceedings under the Act, to furnish the prescribed information or documents within 30 days from date of receipt of the notice. The A.O. may on application, extend the period by which such information and documents should be furnished by a further period of 30 days. [Sec. 92D(3)].
- Every person who has entered into an international transaction or specified domestic transaction is required to obtain an accountant’s report in prescribed format before the specified dates; i.e., November 30th.
- The time limit for passing orders by the Assessing Officer where a reference is made to the TPO for determining the arm’s length price in an international transaction or specified domestic transaction has been increased to 12 months as under:
| In respect of normal assessment | From 24 months to 36 months from the end of the assessment year in which the income was first assessable |
| In case of re-opened assessments or under | From 12 months to 24 months from the end of the financial year in which the notice under section 148 was served |
| In case of order under section 254 section 263 section 264 | From 12 months to 24 months from end of the financial year inwhich the order under section or 254 is received by the Chief Commissioner or Commissioner or order under section 264 is passed by the Chief Commissioner or Commissioner of Income tax |
| In case of a search cases | From 24 months to 36 months from the end of the financial year in which the last authorisation for search under section 132 or requisition under section 132A was executed |
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