Menu
Introduction
Entities entering into international transactions or specified domestic transactions are required to furnish details of such transactions in Form 3CEAA.
Section 92D(1): Every person who has entered into international transactions or specified domestic transactions is required to keep and maintain such information and documents in respect thereof, as specified in Rule 10(D).
Rule 10D(1) specifies the information and documents required to be kept and maintained by the person entering into international transaction or specified domestic transactions.
The information and documents specified in Rule 10D shall be kept and maintained for a period of eight years from the end of the relevant assessment year.
Form 3CEAA is the record of all international transactions or specified domestic transactions an entity enters. The Form is required to be furnished with the Return of Income.
Form 3CEAA has two parts:
Part A: Part A of Form 3 CEAA is applicable to all entities entering into international transactions or specified domestic transactions, irrespective of any limits or threshold values. This part contains basic details such as Name, Address, PAN, Aadhar, Name and Address of International Group.
Part B: Part B of Form 3CEAA is applicable only on following entities:
Due Date for furnishing Form 3CEAA is to be furnished along with the Return of Income i.e. entities required to furnish report under section 92E are required to furnish Return of Income by 30th November, therefore, last date to furnish Form 3CEAA is also 30th November of the assessment year.
Penalty for non-filing of Form 3CEAA: According to Section 271GB of the Act, the applicable penalties include:
Disclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article.