Master File Compliances

The Master File has to be furnished by the due date of filing the income-tax return.

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The Indian Central Board of Direct Taxes (CBDT) has notified the final rules (the rules) for maintaining and furnishing of Transfer Pricing (TP) documentation in the Master File (MF) and Country-by-Country Report (CbCR). Following an inclusive approach when introducing a new and important regulation, the CBDT had, in line with global best practices, sought public comments on the draft rules. It is apparent from a reading of the rules that the CBDT has incorporated some of the recommendations/ comments which were put forth by us.

Master File

Following entities are required to file the Master File in India (Form No. 3CEAA)

  • Part A of Master File – Part A comprises of basic information relating to the International Group (“IG”) and the constituent entities of the IG operating in India (such as name, permanent account number and address). The final rules have clarified that Part A of the Master File will be required to be filed by every constituent entity of an IG, without applicability of any threshold;
  • Part B of Master File – Part B comprises of the main Master File information that provides a high level overview of the IG’s global business operations and transfer pricing policies. Every constituent entity of an IG that meets the following threshold will be required to file Part B of Master File: ‒
    • the consolidated group revenue for the accounting year exceeds INR 5,000 million (the draft rules had provided that this threshold is to be determined considering the group revenue for the preceding accounting year); and
    • for the accounting year, the aggregate value of international transactions exceeds INR 500 million, or aggregate value of intangible property related international transactions exceeds INR 100 million.

    The Master File has to be furnished by the due date of filing the income-tax return i.e. 30 November following the financial year. However, for financial year 2016-17 (“FY 2016-17”), the due date is extended to 31 March 2018.

    IGs with multiple constituent entities in India can designate one Indian constituent entity to file the Master File in India, provided an intimation to this effect is made in Form No. 3CEAB, 30 days prior to the due date for filing the Master File in India.

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