Form 3 CEB is a one type of report which is prepared by Accountant. It is come under section 92E of the income tax act 1961.
Any person who is doing transaction on international base or some particular transaction, they need to prepare form 3CEB.
If any taxpayer do this type of transaction is need to use a form 3CEB especially in international business. It is verified by an accountant and signed duly. International businessman is using this form 3CEB to transfer pricing under the Indian income tax act, 1961.
In this we see that specified domestic transaction i.e. transaction more than 5 crore Rs.
The form 3CEB is containing 25 clauses of income tax act, 1961
International business holder needs to declare some information about international pricing transfer
Declaration Under form 3CEB
First part is that the business person needs to get all information about international transaction and transaction value of transaction done by entrepreneur.
Second part is saying that financial year of the international transaction.
The last and third part of declaration is says that financial year of the specific domestic transaction in India.
Form 3CEB Applicability
Form 3CEB is applicable to the person who is engaged with international business and specific business transaction in India. In India, the transaction is exceeding 5 crore INR.