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Reply To TP Notices

Reply to Transfer Pricing Notice

We assist in preparing detailed and accurate responses to Transfer Pricing notices, ensuring compliance with regulatory requirements. Our experts provide proper documentation and justification to defend your international transactions and minimize potential adjustments.

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Overview

Reply To TP Notices

Where any person has entered into an international transaction or specified domestic transaction in any previous year, then the Income tax Officer may make reference to the Transfer Pricing Officer to compute the arm’s length price in relation to said International / specified domestic transaction. The Transfer Pricing Officer may issue notice to the concerned person requiring him to produce such evidence or documents as required / mentioned in the said notice within a period of thirty days from the date of receipt of a notice issued or as specified in the notice. If such person fails to furnish any such information or document as required , he shall be liable to pay, by way of penalty, a sum equal to two per cent of the value of the international transaction or specified domestic transaction for each such failure.

FAQ

Frequently Asked Questions

What is a Transfer Pricing Notice under Income Tax?
A Transfer Pricing Notice is issued when the Assessing Officer refers your case to the Transfer Pricing Officer to verify the arm’s length price of international or specified domestic transactions.
Who issues a Transfer Pricing (TP) notice in India?
The Transfer Pricing Officer (TPO) issues the notice after receiving a reference from the Assessing Officer under the Income Tax Act, 1961.
What is the time limit to reply to a TP notice?
You must submit the required documents within 30 days from the date of receipt of the notice or within the time specified in the notice.
What is the penalty for non-compliance with a TP notice?
Failure to provide required information may lead to a penalty of 2% of the value of each international or specified domestic transaction.
What documents are required to respond to a TP notice?
You may need to submit a Transfer Pricing Study Report, agreements, invoices, financial statements, and supporting documents to justify the arm’s length price.

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Transfer Pricing

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