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Insertion of new section 286- Furnishing of report in respect of international group

Clause 110 - Bills - DIRECT TAXES - Bill - Clause 110 - Insertion of new section 286 110. After section 285BA of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2017, namely:- Furnishing of report in respect of international group 286.(1) Every constituent entity resident in India, shall, if it is constituent of an international group, the parent entity of which is not resident in India, notify the prescribed income-tax authority (herein referre .....

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nternational group of which it is a constituent, furnish a report, to the prescribed authority on or before the due date specified under sub-section (1) of section 139, for furnishing the return of income for the relevant accounting year, in the form and manner as may be prescribed. (3) For the purposes of sub-section (2), 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 .....

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tivity or activities of each constituent entity; and (d) any other information as may be prescribed. (4) A constituent entity of an international group, resident in India, other than the entity referred to in sub-section (2), shall furnish the report referred to in the said sub-section, in respect of the international group for a reporting accounting year, if the parent entity is resident of a country or territory,- (a) with which India does not have an agreement providing for exchange of the re .....

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ub-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 in the said sub-se .....

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ritory has been informed in writing by the constituent entity that it is the alternate reporting entity on behalf of the international group; and (e) the prescribed authority has been informed by the entities referred to in sub-section (4) in accordance with sub-section (1). (6) The prescribed authority may, for the purposes of determining the accuracy of the report furnished by any reporting entity, by issue of a notice in writing, require the entity to produce such information and document as .....

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unting year does not exceed the amount, as may be prescribed. (8) The provisions of this 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 or alternate reporting entity is resident in India; or (ii) an annual accounting period, with respect to which the parent entity of the international group prepares its financ .....

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place of the parent entity, to furnish the report of the nature referred to in sub-section (2) in the country or territory in which the said constituent entity is resident on behalf of such group; (d) constituent entity means,- (i) any separate entity of an international group that is included in the consolidated financial statement of the said group for financial reporting purposes, or may be so included for the said purpose, if the equity share of any entity of the international group were to .....

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ses; (e) group includes a parent entity and all the entities in respect of which, for the reason of ownership or control, a consolidated financial statement for financial 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 coun .....

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of one country or territory, which carries on any business through a permanent establishment in other countries or territories; (h) parent entity means a constituent entity, of an international group holding, directly or indirectly, an interest in one or more of the other constituent entities of the international group, such that,- (i) it is required to prepare a consolidated financial statement under any law for the time being in force or the accounting standards of the country or territory of .....

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separate financial statement of the first mentioned constituent entity; (i) permanent establishment shall have the meaning assigned to it in clause (iiia) of section 92F; (j) reporting accounting year means the accounting year in respect of which the financial and operational results are required to be reflected in the report referred to in sub-section (2); (k) reporting entity means the constituent entity including the parent entity or the alternate reporting entity, that is required to furnish .....

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y resident in India. Clause 110 of the Bill seeks to insert a new section 286 in the Income-tax Act relating to furnishing of report in respect of international group. The proposed section provides for furnishing of a report in respect of an international group, if the parent entity of the group is resident in India. Sub-section (1) of the proposed new section provides that constituent entity in India of an international group, not having a parent entity resident in India shall notify the prescr .....

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