Clause 47 - Amendment of section 92D. - Finance Bill, 2016

Amendment of section 92D. 47. In section 92D of the Income-tax Act, with effect from the 1st day of April, 2017,- (i) in sub-section (1), the following shall be inserted, namely:- Provided that the person, being a constituent entity of an international group, shall also keep and maintain such information and document in respect of an international group as may be prescribed. Explanation.-For the purposes of this section,- (A) constituent entity shall have the meaning assigned to it in clause (d) of sub-section (9) of section 286; (B) international group shall have the meaning assigned to it in clause (g) of sub-section (9) of section 286. ; (ii) after sub-section (3), the following sub-section shall be inserted, namely:- (4) Without prejudice to the provisions of sub-section (3), the person referred to in the proviso to sub-section (1) shall furnish the information and document referred to in the said proviso to the authority prescribed under sub-section (1) of section 286, in such manner, on or before the date, as may be prescribed. .