TMI BlogAmendment of section 286.X X X X Extracts X X X X X X X X Extracts X X X X ..... rted and shall be deemed to have been inserted with effect from the 1st day of April, 2017; (c) in sub-section (4), (i) after the words reporting accounting year , the words within the period specified in that sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017; (ii) clause (a) shall be relettered as clause (aa) thereof and before clause (aa) as so relettered, the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely: (a) where the parent entity is not obligated to file the report of the nature referred to in sub-section (2); ; (d) in sub-section (5), (i) in the opening portio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ackets and figure sub-section (2) , the words, brackets and figures sub-sections (2) and (4) shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017. - Clause 53 of the Bill seeks to amend section 286 of the Income-tax Act relating to furnishing of report in respect of international group. The said section, inter alia , provides for specific reporting regime containing revised standards for transfer pricing documentation and a template for country-by-country reporting. Sub-section ( 2 ) of the said section provides that the parent entity or the alternate reporting entity of an international group which is resident in India shall furnish a report in respect of the internati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a combination of,- (i) an agreement referred to in sub-section ( 1 ) of section 90 or sub-section ( 1 ) of section 90A; and (ii) an agreement as may be notified by the Central Government for exchange of the report referred to in sub-section ( 2 ) and subsection ( 4 ). It is also proposed to consequentially amend clause ( j ) of sub-section ( 9 ) so as to also make reference to the report referred to in sub-section ( 4 ). These amendments are clarificatory in nature. These amendments will take effect retrospectively from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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