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What is transfer pricing?

Transfer pricing is setting the price at which transactions within and between companies take place. The cost set for a transaction is called the transfer price.

Documents required for applying:

  • Detailed documentation of the entity and its functions & assets
  • Economic and market analysis, forecasts, budget reports
  • Records related to uncontrollable transactions and pricing methods

What is the process of registration?

  • Once you have the three-tier documents ready, you need to submit them to your area's tax officer.

Penalty

For failing to furnish chartered accountant report a fine of Rs 1,00,000 is imposed.

Not Maintaining Documents can cost you 2% of the value of each transaction.

Not Producing Documents attracts a penalty equal to 2% of the specified transaction value.

Is it mandatory?

Yes, as a failure in doing so could cost you heavy fines.

Frequently Asked Questions

  • Large taxpayers whose annual transactions are equal or greater than Rs 200 million.
  • If your annual turnover is Rs 200 million or more than no later than 10 calendar days.
  • Two weeks to three months, approximately.