5. India

Monetary threshold for LF preparation

• Applicable if aggregate international transactions exceed INR 10 million during the fiscal year.

  • Reference: Section 10D(2) in Income Tax Rules, 1962

Preparation deadline

• By October 31 following the end of the financial year.

  • Reference: Section 10D(4) in Income Tax Rules, 1962​

Submission deadline

• Upon request by the tax authorities.​

Language

• English

Penalty

• A penalty of 2% of the value of each international transaction may be imposed for failure to maintain the LF.​

  • Reference: Section 271G in Income Tax Rules, 1962​