Clause 53 - Amendment of section 286. - Finance Bill, 2018

53. Amendment of section 286. In section 286 of the Income-tax Act, (a) in sub-section (2), for the words, brackets and figures 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 , the words within a period of twelve months from the end of the said reporting accounting year shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017; (b) in sub-section (3), after the word, brackets and figure sub-section (2) , the words, brackets and figure and sub-section (4) shall be inserted 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 portion, for the words in the said sub-section , the words by that country or territory shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017; (ii) in clause (e), for the word entities , the word entity shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017; (e) in sub-section (9), (A) for clause (b), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017, namely: (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 sub-section (1) of section 90A; and (ii) an agreement for exchange of the report referred to in sub-sections (2) and (4) and notified by the Central Government; ; (B) in clause (d), in sub-clause (iii), for the words, brackets and figures clause (i) or clause (ii) , the words, brackets and figures sub-clause (i) or sub-clause (ii) shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017; (C) in clause (h), in the long line, for the words, brackets and figures clause (i) or clause (ii) , the words, brackets and figures sub-clause (i) or sub-clause (ii) shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017; (D) in clause (j), for the word, brackets 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.