sec 92e

2.4 The requirement to keep and maintain such information and documents with respect to an international transaction has, however, been waived in the case of those persons who have entered into international transactions the aggregate value of which, as recorded in the books of account, does not exceed one crore rupees - Rule 10D(2).

2.5 Persons who are so exempted from the mandatory requirement of keeping and maintaining of the prescribed information and documents shall, nevertheless, on the basis of the material in their possession, have to substantiate that the income on the international transactions entered into by them has been computed in accordance with the provisions of section 92 - proviso to Rule 10D(2).

Extract Page 27 GUIDANCE NOTE ON REPORT UNDER SECTION 92E OF THE INCOME-TAX ACT, 1961 (TRANSFER PRICING) BY ICAI

Refer: https://www.caclubindia.com/forum/exposure-draft-of-revised-guidance-note-on-report-under-section-92e-of-the-income-tax-act-1961-422032.asp