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Maintenance and keeping of information and document by persons entering into an international transaction or specified domestic transaction. 1[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 (d) 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 2[tendays] 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 exceeding2[tendays] (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.] Note: 1. Substituted by The Finance Act, 2019 w.e.f. 01.04.2020 in section 92D, 92D. (1) Every person 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 : [Provided that the person, being a constituent entity of an international group, shall also keep and maintain such information and document in respect of an international group as may be prescribed. (Inserted w.e.f. 1st April, 2017) Explanation.—For the purposes of this section,— (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.](Inserted w.e.f. 1st April, 2017) (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 that sub-section. (3) The Assessing Officer or the Commissioner (Appeals) may, in the course of any proceeding under this Act, require any person who has entered into an international transaction or specified domestic transaction to furnish any information or document in respect thereof, as may be prescribed under sub-section (1), 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) Without prejudice to the provisions of sub-section (3), the person referred to in the proviso to sub-section (1) shall furnish the information and document referred to in the said proviso to the authority prescribed under sub-section (1) of section 286, in such manner, on or before the date, as may be prescribed. (Inserted w.e.f.1st april, 2017) the following section shall be substituted namely, 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 (d) 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. 2. Substituted by the Finance Act, 2023 dated 01.02.2023 w.e.f 01.04.2023 “period of thirty days”, he following section shall be substituted namely, period of ten days”
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