Transfer pricing applicability?

My query is as follows

Assessee is partnership firm and in the business of software development. it is an center of excellence for a company in US.
it has a contract with US co to bill at cost plus 15 % margin on cost. It's turnover for FY 19-20 and 20-21 is more than 5 cr.
Are transfer pricing provision applicable to the assessee?

if yes, what compliance assessee and auditor is supposed to comply with?