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Reply to DRP (Dispute Resolution Panel)

We assist in drafting and filing effective replies before the DRP against proposed variations in assessment orders. Our experts ensure strong representation with proper documentation to safeguard your interests and achieve favorable outcomes.

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Overview

Reply To DRP

Where the objections with respect to draft / proposed order of assessment are filed with the Dispute Resolution Panel (DRP), then the DRP before issuing directions, as it thinks fit, for the guidance of the Income tax Officer to enable him to complete the assessment, may make such further enquiry from the concerned person. Bases on reply filed, the DRP issues its report to the Income tax Officer.

FAQ

Frequently Asked Questions

What is DRP in Income Tax?
The Dispute Resolution Panel (DRP) is a panel of Commissioners of Income Tax that reviews objections against draft assessment orders issued by the Assessing Officer.
Who can file objections before DRP?
The Transfer Pricing Officer (TPO) issues the notice after receiving a reference from the Assessing Officer under the Income Tax Act, 1961.
What is the time limit to reply to a TP notice?
You must submit the required documents within 30 days from the date of receipt of the notice or within the time specified in the notice.
What is the penalty for non-compliance with a TP notice?
Failure to provide required information may lead to a penalty of 2% of the value of each international or specified domestic transaction.
What documents are required to respond to a TP notice?
You may need to submit a Transfer Pricing Study Report, agreements, invoices, financial statements, and supporting documents to justify the arm’s length price.