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TMI BlogIncome-tax (Twenty-fourth Amendment) Rules, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... nal group shall,- (i) if the consolidated group revenue of the international group, of which such person is a constituent entity, as reflected in the consolidated financial statement of the international group for the accounting year, exceeds five hundred crore rupees; and (ii) the aggregate value of international transactions,- (A) during the accounting year, as per the books of accounts, exceeds fifty crore rupees, or (B) in respect of purchase, sale, transfer, lease or use of intangible property during the accounting year, as per the books of accounts, exceeds ten crore rupees, keep and maintain the following information and documents of the international group, namely:- (a) a list of all entities of the international group along with their addresses; (b) a chart depicting the legal status of the constituent entity and ownership structure of the entire international group; (c) a description of the business of international group during the accounting year including,- (I) the nature of the business or businesses; (II) the important drivers of profits of such business or businesses; (III) a description of the supply chain for the five largest products or services of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ders; (k) a list of group entities that provide central financing functions, including their place of operation and of effective management; (l) a detailed description of the transfer pricing policies of the international group related to financing arrangements among group entities; (m) a copy of the annual consolidated financial statement of the international group; and (n) a list and brief description of the existing unilateral advance pricing agreements and other tax rulings in respect of the international group for allocation of income among countries. (2) The report of the information referred to in sub-rule (1) shall be in Form No. 3CEAA and it shall be furnished to the Director General of Income-tax (Risk Assessment) on or before the due date for furnishing the return of income as specified in sub-section (1) of section 139: Provided that the information in Form No. 3CEAA for the accounting year 2016-17 may be furnished at any time on or before the 31st day of March, 2018. (3) Information in,__ (i) Part A of Form No. 3CEAA shall be furnished by every person, being a constituent entity of an international group, whether or not the conditions as provided in sub-rule (1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... group; or (b) the details of the parent entity or the alternate reporting entity, as the case may be, of the international group and the country or territory of which the said entities are residents. (2) Every intimation under sub-rule (1) shall be made at least two months prior to the due date for furnishing of report as specified under sub-section (2) of section 286. (3) Every parent entity or the alternate reporting entity, as the case may be, resident in India, shall, for every reporting accounting year, furnish the report referred to in sub-section (2) of section 286 to the Director General of Income-tax (Risk Assessment) in Form No. 3CEAD. (4) A constituent entity of an international group, resident in India, other than the entity referred to in sub-rule (3), shall furnish the report referred to in sub-rule (3) within the time specified therein if the provisions of sub-section (4) of section 286 are applicable in its case. (5) If there are more than one constituent entities resident in India of an international group, other than the entity referred to in sub-rule (3), then the report referred to in sub-rule (4) may be furnished by that entity which has been designated by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount number of the constituent entities of the international group Address of the constituent entities of the international group PART - B 1. List of all entities of the international group along with their addresses - Serial Number Name Address 2. Chart depicting the legal status of the constituent entity and ownership structure of the entire international group- 3. Written description of the business of the international group during the accounting year in accordance with clause (c) of sub-rule (1) of rule 10DA containing the following, namely:- (i) the nature of the business or businesses; (ii) the important drivers of profits of such business or businesses; (iii) a description of the supply chain for the five largest products or services of the international group in terms of revenue and any other products including services amounting to more than five per cent. of the consolidated group revenue; (iv) a list and brief description of important service arrangements made among members of the international group, other than those for research and development services; (v) a description of the capabilities of the main service providers within the international g ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to financing arrangements among group entities - 13. A copy of the annual consolidated financial statement of the international group - 14. A list and brief description of the existing unilateral advance pricing agreements and other tax rulings in respect of the international group for allocation of income among countries - I ………… son/daughter/wife* of Shri …………… hereby declare that I am furnishing the information in my capacity as …………(designation) of ………(name of the assessee) and I am competent to furnish the said information and verify it. …………………… Signature …………………… Address of the declarant …………………………… PAN of the declarant Place: ………… Date: …………… Note 1: *Strike off whichever is not applicable. **This form has to be signed by the person competent to verify the return of income under section 140. FORM NO. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g entity (ii) Address 10. The country of residence of the alternate reporting entity - 11. Reportable Accounting Year - I, ………, son/daughter/wife* of Shri ………… hereby declare that I am furnishing the information in my capacity as …………… (designation) of ………… (name of the assessee) and I am competent to furnish the said information and verify it. ………………… Signature** …………………… Address of the declarant …………………………… PAN of the declarant Place: …………… Date: …………… Note: *Strike off whichever is not applicable. **This form has to be signed by the person competent to verify the return of income under section 140. FORM NO. 3CEAD [See rule 10DB] COUNTRY-BY-COUNTRY REPORT Report by a parent entity or an alternate reporting entity or any other constituent entity, resident in India, for the purposes of sub-section (2) or s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y tax jurisdiction for tax purposes. Where a Constituent Entity is resident in more than one tax jurisdiction, the applicable tax treaty tie breaker should be applied to determine the tax jurisdiction of residence. Where no applicable tax treaty exists, the Constituent Entity should be reported in the tax jurisdiction of the Constituent Entity's place of effective management. 2. In the three columns of the template under the heading "Revenues", the Reporting MNE should report the following information: (i) the sum of revenues of all the Constituent Entities of the MNE group in the relevant tax jurisdiction generated from transactions with associated enterprises; (ii) the sum of revenues of all the Constituent Entities of the MNE group in the relevant tax jurisdiction generated from transactions with independent parties; and (iii) the total of (i) and (ii). Revenues should include revenues from sales of inventory and properties, services, royalties, interest, premiums and any other amounts. Revenues should exclude payments received from other Constituent Entities that are treated as dividends in the payer's tax jurisdiction. 3. Under the column titled "Profit (Loss) before Income ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... employees on a full-time equivalent (FTE) basis of all Constituent Entities resident for tax purposes in the relevant tax jurisdiction. The number of employees may be reported as of the year-end, on the basis of average employment levels for the year, or on any other basis consistently applied across tax jurisdictions and from year to year. For this purpose, independent contractors participating in the ordinary operating activities of the Constituent Entity may be reported as employees. Reasonable rounding or approximation of the number of employees is permissible, providing that such rounding or approximation does not materially distort the relative distribution of employees across the various tax jurisdictions. Consistent approaches should be applied from year to year and across entities. 9. Under the column titled "Tangible Assets other than Cash and Cash Equivalents", the Reporting MNE should report the sum of the net book values of tangible assets of all Constituent Entities resident for tax purposes in the relevant tax jurisdiction. With regard to permanent establishments, assets should be reported by reference to the tax jurisdiction in which the permanent establishment is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess I ………… son/daughter/wife* of Shri ………… hereby declare that I am furnishing the information in my capacity as ……… (designation) of……………(name of the assessee) and I am competent to furnish the said information and verify it. ………………… Signature** ………………….. Address of the declarant …………………………… PAN of the declarant Place: …………… Date: …………….. Note: *Strike off whichever is not applicable. **This form has to be signed by the person competent to verify the return of income under section 140. [F. No. 370142/25/2017-TPL] NIRAJ KUMAR, Under Secy. (Tax Policy and Legislation) Note:- The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub-section (ii) vide number S.O. 969 (E) dated the 26th March, 1962 and were last amended vide notification number G.S.R No. 1221(E), dated the 5th of O ..... X X X X Extracts X X X X X X X X Extracts X X X X
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