Compliance Under Transfer Pricing Provisions

Documents which describe and detail the methods considered are

• Enterprise-wise documents

• Transaction specific documents

• Computation related documents

• All of the above

According to Clause(c) of section 92A (2) the Accountant should obtain -

• details of all the purchases of raw material and consumable requirement made by the Assessee

• representation from management providing details of controlling interests in all the affiliated parties

• the register of loans and investments maintained by the Assessee

• None

The relief under section 92 is applicable when the aggregate amount of international transaction -

• exceeds Rs. 1 crore

• does not exceed Rs. 1 crore

• is less than or equal to Rs. 1 crore

• Both (b) & (c)

Annexure to form No.3CEB contain how many parts and clauses?

• 2 parts and 24 clauses

• 3 parts and 24 clauses

• 3 parts and 25 clauses

• 4 parts and 25 clauses

Which is not a general principle for preparation of Annexures

• AS and SA's should be followed from time to time

• Cross reference should be done between different clauses

• Reliance should be placed on the judicial pronouncements for taking any particular view about any item

• In case of conflict of judicial opinion , refer the view which has been followed in a specified clause.

What information needs to be furnished in Annexure to Form 3CEB?

• Details of the taxpayer's business activities and transactions.

• Details of the related parties involved in the international transaction.

• Details of the pricing methodology used to determine the arm's length price

• Provide details of the taxpayer's income from all sources

What are the consequences of not furnishing Annexure to Form 3CEB?

• The taxpayer may be subject to penalties and prosecution under the Income Tax Act.

• The taxpayer may be audited by the Income Tax Department

• The taxpayer may be required to pay additional tax on the international transaction.

• Imprisonment of upto 2 years

What is the penalty for furnishing incorrect information in reports and certificates by an Accountant?

• 10,000 for each such report and certificate

• 20,000 for each such report and certificate

• 5,000 for each such report and certificate

• 10,000 as penalty

Under which Form an Accountant has to give his report as prescribed under Rule 10E?

• Form 3CEB

• Form 3CED

• Form 3CE

• Form 3CEA

What is the penalty for failure to furnish report under section 92 E of the Income Tax Act?

• Rs. 10,000

• Rs. 20,000

• Rs. 1,00,000

• Rs. 5,00,000