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10D.
Information and documents to be kept and maintained
under section 92D
- Every
person who has entered into an international transaction
shall keep and mainain the following information and
documents, namely:-
-
a description of the ownership structure of the
assessee enterprise with details of shares or
other ownership interest held therein by other
enterprises;
-
a profile of the multinational group of which
the assessee enterprise is a part along with the
name, address, legal status and country of tax
residence of each of the enterprises comprised
in the group with whom international transactions
have been entered into by the assessee, and ownership
linkages among them;
-
a broad description of the business of the assessee
and the industry in which the assessee operates,
and of the business of the associated enterprises
with whom the assessee has transacted;
-
the nature and terms (including prices) of international
transactions entered into with each associated
enterprise, details of property transferred or
services provided and the quantum and the value
of each such transaction or class of such transaction;
-
a description of the functions performed, risks
assumed and assets employed or to be employed
by the assessee and by the associated enterprises
involved in the international transaction;
-
a record of the economic and market analyses,
forecasts, budgets or any other financial estimates
prepared by the assessee for the business as a
whole and for each division or product separately,
which may have a bearing on the international
transactions entered into by the assessee;
-
a record of uncontrolled transactions taken into
account for analysing their comparability with
the international transactions entered into, including
a record of the nature, terms and conditions relating
to any uncontrolled transaction with third parties
which may be of relevance to the pricing of the
international transactions;
-
a record of the analysis performed to evaluate
comparability of uncontrolled transactions with
the relevant international transaction;
-
a description of the methods considered for determining
the arm’s length price in relation to each
international transaction or class of transaction,
the method selected as the most appropriate method
along with explanations as to why such method
was so selected, and how such method was applied
in each case;
-
a record of the actual working carried out for
determining the arm’s length price, including
details of the comparable data and financial information
used in applying the most appropriate method,
and adjustments, if any, which were made to account
for differences between the international transaction
and the comparable uncontrolled transactions,
or between the enterprises entering into such
transactions;
-
the assumptions, policies and price negotiations,
if any, which have critically affected the determination
of the arm’s length price;
-
details of the adjustments, if any, made to transfer
prices to align them with arm’s length prices
determined under these rules and consequent adjustment
made to the total income for tax purposes;
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any other information, data or document, including
information or data relating to the associated
enterprise, which
may be relevant for determination of the arm’s
length price
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