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of <h1>Entities in international transactions must maintain records under Section 92D & Rule 10D; penalties apply for non-compliance.</h1> Persons involved in international or specified domestic transactions must maintain prescribed records and documents as per Section 92D and Rule 10D, unless the transaction value is under 1 crore. Entities within an international group must also maintain a Master File. Records must be kept for eight years from the relevant assessment year. Failure to maintain records incurs a penalty of 2% of the transaction value under Section 271AA. Authorities may require furnishing of information within thirty days, extendable by another thirty days, with non-compliance attracting a similar penalty under Section 271G. A CA report in Form No. 3CEB is due by October 31 of the assessment year.
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