Reducing the time provided for furnishing TP report

Timeframe for transfer pricing document production shortened; limited extension remains to manage TP proceeding timelines.

The amendment reduces the period to furnish transfer pricing information or documents to ten days from the date of a notice, with an available extension on application by the taxpayer not to exceed an additional thirty days; the Assessing Officer or the Commissioner (Appeals) may require such production in proceedings concerning international transactions or specified domestic transactions. The change is aimed at streamlining timelines for examination of submitted material and takes effect from 1st April, 2023.