GUIDANCE NOTE ON REPORT UNDER SECTION 92E OF THE INCOME-TAX ACT, 1961 (TRANSFER PRICING) Revised 2022

GUIDANCE NOTE ON REPORT UNDER SECTION 92E OF THE INCOME-TAX ACT, 1961 (TRANSFER PRICING) [Based on the law as amended by the Finance Act, 2022] (Revised 2022)

ICAI Committee on International Taxation is one of the important non-standing Committees of the Institute of Chartered Accountants of India (ICAI). As a partner in nation building, ICAI through this Committee submits Pre and Post-budget Memoranda pertaining to International Taxation. Apart from the same, the Committee time to time examines the tax laws, rules, circulars, notifications etc. relating to International taxation issued by the CBDT and sends suitable suggestions for improvements. The Committee also submits inputs/submissions to OECD from time to time on behalf of ICAI which have been duly acknowledged by OECD. Besides conducting various activities regularly like Diploma Course on International Taxation, oragnising Workshops/Seminars/ Conferences/ Refresher Courses/ Residential course, and preparing e-learning modules, one of the core activities of the Committee is to release publications relating to international taxation and transfer pricing and to revise its existing publication regularly.

The ICAI through Committee on International Taxation has been issuing guidance for its members in respect of the Report under Section 92E of the Income-tax Act, 1961. The obligation of the members of ICAI is to express opinion on the accounts, records and documentation pertaining to international transactions and specified domestic transactions and therefore, it is expected from the members to have a through knowledge of transfer pricing and recent developments. The Committee has brought out the ninth edition of the Guidance Note on Report under Section 92E of the Income-tax Act, 1961 in which all the amendments made upto Finance Act, 2022, have been incorporated.

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