Form 3 CEB Applicability

In India, Form 3CEB is required to be filed by entities involved in international transactions as per the Transfer Pricing (TP) provisions under Section 92E of the Income Tax Act. Here's the key information regarding your query:

1. Threshold Limit:

   • Form 3CEB needs to be filed if the aggregate value of international transactions crosses ₹1 crore in a financial year.

   • Since your international transaction is ₹1.5 crore in FY 2020-21, you are required to file Form 3CEB.

2. Compulsory Filing:

   • Yes, as per the rules, filing of Form 3CEB is compulsory if the threshold of ₹1 crore is crossed.

   • This form must be certified by a Chartered Accountant (CA) and filed along with the tax return.

3. Late Filing:

   • If you missed filing the form for FY 2020-21, you may still file it with the income tax return. However, there might be penalties or interest for late filing.

   • It's important to file it as soon as possible to avoid further complications.

To ensure accurate filing of Form 3CEB and other related forms, you may consider using specialized utilities that streamline the filing process.

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If needed, consult with a Chartered Accountant for proper assistance in filing the form and ensuring compliance.