💨 Abstract

Businesses conducting transactions with related parties in India must report these activities by October 31, 2024, using Form 3CEB, as per the Income Tax Act, 1961. Failure to comply with transfer pricing regulations can lead to tax adjustments and penalties. Key points include reporting all transactions, regardless of value, and providing detailed documentation for international transactions exceeding INR 1 Crore.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖