May 06,2021 | 2 min read

Form 3CEB | Download Free Templates

1. What is Form 3CEB? 

Form 3CEB is used when Indian companies are engaged in international and specified domestic transactions with any associated enterprise. All companies that conduct such transactions must provide an in-depth report from an accountant. Form 3CEB follows two conditions as set forth by transfer pricing regulations: 

A. A transaction between any two or multiple associated businesses, either or both being foreign businesses, is a world transaction; and 

B. Specified domestic transactions, i.e, those which are connected to transfer pricing but don't include international transactions. (Transfer pricing is that the price one company levies on another company for the products and services it's rendered.) 

The due date for filing the form is 30th November. 

2. Why is form 3CEB used? 

It is used to collect the general personal information and aggregate value of the international transactions that are undertaken by the taxpayer. Not only the international transaction but Taxpayers are also expected to provide information related to domestic transactions that were undertaken during the fiscal year so that tax can be assessed properly Penalties are triggered if the corporate fails to file Form 3CEB within the expected format. These are: 

a. Fine of minimum INR 100,000 (approx. US$1,352) if the report isn't presented because the required Form 3CEB; 

b. Fine of two per cent of the worth of the transaction if the given information on them is inadequate; and 

c. Fine of two per cent of the worth of the transaction if the given information on them is wrong.

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Lawyered Team

Lawyered Team