What is Maintenance and keeping of information and document by persons entering into an international transaction or specified domestic transaction? What is Report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction? Section 92D and 92E of Income Tax Act 1961

Maintenance and keeping of information and document by persons entering into an international transaction or specified domestic transaction and Report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction are defined under section 92D and 92E of Income Tax Act 1961. Provisions under these Sections are:

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

92D. (1) Every person,-

(i) 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;

(ii) being a constituent entity of an international group, shall keep and maintain such information and document in respect of an international group as may be prescribed.

Explanation.-For the purposes of this clause,-

(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 the said sub-section.

(3) The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person referred to in clause (i) of sub-section (1) to furnish any information or document referred therein, 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.

(4) The person referred to in clause (ii) of sub-section (1) shall furnish the information and document referred therein to the authority prescribed under sub-section (1) of section 286, in such manner, on or before such date, as may be prescribed.]

Section 92E Report from an accountant to be furnished by persons entering into international transaction or specified domestic transaction.

92E. Every person who has entered into an international transaction or specified domestic transaction during a previous year shall obtain a report from an accountant and furnish such report on or before the specified date in the prescribed form duly signed and verified in the prescribed manner by such accountant and setting forth such particulars as may be prescribed.