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of <h1>Transfer Pricing Overhaul: New Documentation Rules Mandate Comprehensive Reporting for International and Domestic Business Transactions</h1> Concise Legal Summary:The text analyzes Clause 171 of the Income Tax Bill, 2025, which introduces a comprehensive framework for transfer pricing documentation and reporting. The clause mandates maintenance of detailed records for international and specified domestic transactions, aligning with global standards. It requires entities to keep prescribed documentation, furnish information to tax authorities within specified timelines, and comply with reporting obligations for international group transactions. The provision aims to enhance transparency, prevent tax avoidance, and standardize documentation requirements, building upon existing transfer pricing regulations while introducing more stringent compliance mechanisms.
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