Hope you enjoyed our First Edition of Communiqué – Your TP Tabloid! In this second edition for the month of August 2018, we again see Central Board of Direct Taxes (CBDT) continue with its efforts to amend domestic framework and marching ahead with its Advance Pricing Agreement program. Transfer Pricing (TP) enters the Tax Audit Report in Form 3CD for the first time to increase compliance requirements and the issue pertaining to Advertisement, Marketing and Promotion (AMP) transactions in the Indian Courts continue to oscillate. Separately, considering changes that are occurring on a number of fronts in India, it is only fair to pause to assess how India Inc. has fared so far and the areas where it needs to expend efforts in the future as it gears to fulfil obligation to file Master File (MF) and Country-by-Country Report (CbCR) in the second round. We hope that our publications are beneficial and help you in understanding the potential impact of the changes with respect to your business in India. We look forward to receive your contributions/ suggestions at query@localhost, as through a mutually inclusive process we wish to make this series your sounding board for decision on TP going forward. Separately, if you would like to discuss any of the items in this issue in greater detail or general TP matters, please do let us know. Happy Reading! We are pleased to attach herewith the second issue of “Communique- Your Transfer Pricing Tabloid- Issue 2”. Hope you will find it useful and informative. Communique- Your Transfer Pricing Tabloid- Issue 2