Amended and updated notes on section 92D of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to maintenance, keeping and furnishing of information and document by certain persons.
Chapter X (Sections 92 to 94B) of the Income Tax Act 1961 deals with the provisions related to special provisions relating to avoidance of tax. Section 92D of IT Act 1961-2023 provides for maintenance, keeping and furnishing of information and document by certain persons.
Recently, we have discussed in detail section 92CE (Secondary adjustment in certain cases) of IT Act 1961. Today, we learn the provisions of section 92D of Income-tax Act 1961. The amended provision of section 92D is effective for financial year 2022-23 relevant to the assessment year 2023-24.
In this article, you will learn detail of the provisions of section 92D of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962, regulations, notifications, circulars, orders and Press Release by CBDT, Income Tax Department and the Ministry of Law and Justice, Government of India.
Section-92D: Maintenance, keeping and furnishing of information and document by certain persons
Section 92D(1) of Income Tax Act
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.
Section 92D(2) of Income Tax Act
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.
Section 92D(3) of Income Tax Act
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.
Section 92D(4) of Income Tax Act
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.