Amendment of section 92D.
47. In section 92D of the Income-tax Act, with effect from the 1st day of April, 2017,-
(i) in sub-section (1), the following shall be inserted, namely:-
‘Provided that the person, 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.
Explanation.-For the purposes of this section,-
(A) “constituent entity” shall have the meaning assigned to it in clause (d) of sub-section (9) of section 286;
(B) “international group” shall have the meaning assigned to it in clause (g) of sub-section (9) of section 286.’;
(ii) after sub-section (3), the following sub-section shall be inserted, namely:-
“(4) Without prejudice to the provisions of sub-section (3), the person referred to in the proviso to sub-section (1) shall furnish the information and document referred to in the said proviso to the authority prescribed under sub-section (1) of section 286, in such manner, on or before the date, as may be prescribed.”.
Notes on Clauses:
Clause 47 of the Bill seeks to amend section 92D of the Incometax Act relating to maintenance and keeping of information and document by persons entering into an international transaction or specified domestic transaction.
The aforesaid section provides that 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. The said section further provides that the Assessing Officer or the Commissioner (Appeals) may in the course of any proceeding require such person to furnish the information and document within the period of thirty days of it being called for or within the extended period.
It is proposed to amend the said section so as to provide that the person being a constituent entity of an international group, referred to in section 286, shall also keep and maintain such information and document in respect of the international group as may be prescribed.
It is further proposed to amend the said section so as to provide that without prejudice to the power of the Assessing Officer or the Commissioner (Appeals) to call for the information and document, the person being a constituent entity of an international group, shall furnish the prescribed information and document to the prescribed authority referred to in section 286 in the prescribed manner on or before the date to be prescribed.
These amendments will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017- 2018 and subsequent years.
