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Section 92D and Rule 10D - Maintenance And Keeping Of Information And Document By Persons Entering Into International Transaction & Specified Domestic Transaction

Income Tax - Transfer Pricing - International + Domestic - 08 - Section 92D - Maintenance, and Keeping Of Information And Document By Persons Entering Into International Transaction & Specified Domestic Transaction Responsibility of the enterprise to maintain record: Every person who has entered into an international transaction or specified domectic transaction shall keep and maintain such information and document in respect thereof, as may be prescribed. However, as per Rule 10D this provi .....

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riod for which the information and document shall be kept and maintained under that sub-section. The Board, vide Rule 10D(5) has prescribed that the information and documents shall be kept and maintained for a period of 8 years from the end of the relevant assessment years. Failure to keep and maintain any such information and document shall attract a penalty u/s 271AA which shall be a sum to equal to 2% of the value of each specified domestic transaction entered into by the person. Furnishing o .....

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