TMI BlogFurnishing of report in respect of international group.X X X X Extracts X X X X X X X X Extracts X X X X ..... hich the said entities are resident. (2) Every parent entity or the alternate reporting entity, resident in India, shall, for every reporting accounting year, in respect of the international group of which it is a constituent, furnish a report, to the prescribed authority 2 [within a period of twelve months from the end of the said reporting accounting year], in the form and manner as may be prescribed. (3) For the purposes of sub-section (2) 3 [and sub-section (4)], the report in respect of an international group shall include,- (a) the aggregate information in respect of the amount of revenue, profit or loss before income-tax, amount of income-tax paid, amount of income-tax accrued, stated capital, accumulated earnings, num ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the international group has designated such entity to furnish the report in accordance with the provisions of sub-section (2) on behalf of all the constituent entities resident in India; and (b) the information has been conveyed in writing on behalf of the group to the prescribed authority. (5) Nothing contained in sub-section (4) shall apply, if, an alternate reporting entity of the international group has furnished a report of the nature referred to in sub-section (2), with the tax authority of the country or territory in which such entity is resident, on or before the date specified 7 [by that country or territory] and the following conditions are satisfied, namely:- (a) the report is required to be furnished under the law f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is section shall be applied in accordance with such guidelines and subject to such conditions, as may be prescribed. (9) For the purposes of this section,- (a) accounting year means,- (i) a previous year, in a case where the parent entity is resident in 13 [****] India; or (ii) an annual accounting period, with respect to which the parent entity of the international group prepares its financial statements under any law for the time being in force or the applicable accounting standards of the country or territory of which such entity is resident, in any other case; 9 [(b) agreement means a combination of all of the following agreements, namely: (i) an agreement entered into under sub-section (1) of section 90 or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reporting purposes,- (i) is required to be prepared under any law for the time being in force or the accounting standards of the country or territory of which the parent entity is resident; or (ii) would have been required to be prepared had the equity shares of any of the enterprises were listed on a stock exchange in the country or territory of which the parent entity is resident; (f) consolidated financial statement means the financial statement of an international group in which the assets, liabilities, income, expenses and cash flows of the parent entity and the constituent entities are presented as those of a single economic entity; (g) international group means any group that includes,- (i) two or more enterprises ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ions (2) and (4)]; (k) reporting entity means the constituent entity including the parent entity or the alternate reporting entity, that is required to furnish a report of the nature referred to in sub-section (2); (l) systemic failure with respect to a country or territory means that the country or territory has an agreement with India providing for exchange of report of the nature referred to in sub-section (2), but- (i) in violation of the said agreement, it has suspended automatic exchange; or (ii) has persistently failed to automatically provide to India the report in its possession in respect of any international group having a constituent entity resident in India.] ******************** Note : ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pril, 2017, before it was read as, (b) agreement means an agreement referred to in sub-section (1) of section 90 or sub-section (1) of section 90A or any agreement as may be notified by the Central Government in this behalf; 10. Substituted vide THE FINANCE ACT, 2018 , w.e.f. 1st day of April, 2017, before it was read as, clause (i) or clause (ii) 11. Substituted vide THE FINANCE ACT, 2018 , w.e.f. 1st day of April, 2017, before it was read as, clause (i) or clause (ii) + 12. Substituted vide THE FINANCE ACT, 2018 , w.e.f. 1st day of April, 2017, before it was read as, sub-section (2) ..... X X X X Extracts X X X X X X X X Extracts X X X X
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