92D Income Tax Act - Maintenance and keeping of information and document by persons entering into an international transaction or specified domestic transaction

Section 92d of Income Tax Act 1961 - Maintenance and keeping of information and document by persons entering into an international transaction or specified domestic transaction

(1) Every person who has entered into an 1 international transaction or specified domestic transaction.-(1) Every person who has entered into an 1 international transaction or specified domestic transaction shall keep and maintain such information and document in respect thereof, as may be prescribed.

2 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.

(2) Without prejudice to the provisions contained in sub-section (1), the Board may prescribe the period for which the information and document shall be kept and maintained under that sub-section.

(3) The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person who has entered into an 1 international transaction or specified domestic transaction to furnish any information or document in respect thereof, as may be prescribed under subsection (1), within a period of thirty days from the date of receipt of a notice issued in this regard:

Provided that the Assessing Officer or the Commissioner (Appeals) may, on an application made by such person, extend the period of thirty days by a further period not exceeding thirty days.

2 (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.

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1. Subs. by Act 23 of 2012, s. 38, for "international transaction" (w.e.f. 1-3-2013).

2. Ins. by Act 28 of 2016, s. 48 (w.e.f. 1-4-2017).