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India Union Budget 2020 has announced certain important date changes in the compliance for Transfer Pricing and Taxation. The change is proposed so that the Income-tax returns/ declarations could carry auto-populated details, which would simplify the tax return form and process. As management or a consultant, you should be geared up and well prepared to address such a change.We have provided a snapshot (along with new-old comparison) and our comments below which can act as a quick reckoner for your reference. In case you have any questions, feel free to write to the author at info@transprice.in
| Activity | Old Deadline | New Deadline | Comments | |
| 1 | Transfer Pricing Audit – Form 3CEB | 30-Nov-2020 | 31-Oct-2020 | Preponed by 1 month |
| 2 | Transfer Pricing Study Documentation | 30-Nov-2020 | 31-Oct-2020 | Preponed by 1 month |
| 3 | Return of Income (With transfer pricing) | 30-Nov-2020 | 30-Nov-2020 | No change |
| 4 | Return of Income (Without transfer pricing) | 30-Sep-2020 | 31-Oct-2020 | Postponed by 1 month |
| 5 | Tax Audit | 30-Sep-2020 | 30-Sep-2020 | No Change |
| 6 | Master File – Form 3CEAA | 30-Nov-2020 | 30-Nov-2020 | No change |
| 7 | CbCR – Form 3CEAD | 1 year from the end of Parent’s Accounting year | 1 year from the end of Parent’s Accounting year | No change |
| 8 | Consolidation request for Master File – Form 3CEAB | 31-Oct-2020 | 31-Oct-2020 | No change |
| 9 | Intimation of designated entity – Form 3CEAC | Two months prior to the due date for furnishing of CbCR – Form 3CEAD | Two months prior to the due date for furnishing of CbCR – Form 3CEAD | No change |
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