Transfer pricing recordkeeping: new obligations require prescribed documentation to be maintained and furnished on request.

The substituted section requires persons who enter into international transactions or specified domestic transactions, and constituent entities of international groups, to keep and maintain prescribed information and documents; the Board may prescribe retention periods; the Assessing Officer or Commissioner (Appeals) may require furnishing of such information or documents within thirty days (extendable on application); constituent entities must furnish group information to the authority prescribed under section 286 in the prescribed manner and by prescribed dates.

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