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TMI BlogDraft - Framing of rules in respect of Country-by-Country reporting and furnishing of master file – comments and suggestions-reg.X X X X Extracts X X X X X X X X Extracts X X X X ..... rovide for keeping and maintaining of Master File by every constituent entity of an international group, which was to be furnished as per rules prescribed in this regard. 2. Consequent to the aforesaid amendments to the Act, it is proposed to insert rules 10DA, 10DB and form nos. 3CEBA to 3CEBE in the Income-tax Rules, 1962 ( the Rules ), laying down the guidelines for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country report. In this regard, the following guidelines are proposed to be prescribed: 2.1 The following rules 10DA and 10DB are proposed to be inserted in the Rules after the existing rule 10D: Information and documents to be kept and maintained under proviso to sub-section (1) and to be furnished in terms of sub-section (4) of Section 92D. 10DA. (1) Every person, being a constituent entity of an international group shall,__ (i) if the consolidated 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 preceding such previous y ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ocation of principal research and development facilities and their management; (e) a list of all the entities of the international group engaged in development and management of intangibles along with their addresses; (f) a list of all the important intangibles or groups of intangibles owned by the international group along with the names and addresses of the group entities that legally own such intangibles; (g) a list and brief description of important agreements among members of the international group related to intangibles, including cost contribution arrangements, principal research service agreements and license agreements; (h) a detailed description of the transfer pricing policies of the international group related to research and development and intangibles; (i) a description of important transfers of interest in intangibles, if any, among entities of the international group, including the name and address of the selling and buying entities and the compensation paid for such transfers; (j) a detailed description of the financing arrangements of the international group, including the names a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under this rule. (7) The information and documents specified in sub-rule (1) shall be kept and maintained for a period of eight years from the end of the relevant assessment year. (8) The terms accounting year‟, consolidated financial statement‟, international group‟ and reporting accounting year‟ shall have the same meaning as assigned in sub-section (9) of Section 286. Furnishing of Report in respect of an International Group. 10DB. (1) For the purposes of sub-section (1) of section 286, every constituent entity resident in India, shall, if its parent entity is not resident in India, notify the Director General of Income-tax (Risk Assessment) in Form 3CEBB, the following, namely:- (a) whether it is the alternate reporting entity of the international 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) The notification referred to in sub-rule (1) shall be made on or before sixty days prior to the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3. Permanent account number of the assessee 4. Name of the international group of which the assessee is a constituent entity 5. Address of the international group of which the assessee is a constituent entity 6. Number of constituent entities of the international group operating in India 7. Name, permanent account number and address of all the Constituent Entities included in item no. 6 Serial Number Name of the constituent entities of the international group Permanent account number of the constituent entities of the international group Address of the constituent entities of the international group PART B 1. List of all the operating entities of the international group along with their addresses Serial Number Name Address 2. Chart depicting the legal status of the constituent ent ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that legally own such intangibles Serial Number Intangibles/group of intangibles Name of the entity who legally owns the intangibles/group of intangibles Address of the entity 7. List and brief description of important agreements among members of the international group related to intangibles, including cost contribution arrangements, principal research service agreements and license agreements - 8. Description of the transfer pricing policies of the international group related to research and development and intangibles - 9. Description of important transfers of interest in intangibles, if any, among entities of the international group, including the names and addresses of the selling and buying entities and the compensation paid for such transfers - 10. Detailed description of the financing arrangements of the international group, including the names and addresses of the top ten unrelated lenders - 11. List of group entities that provide central financing funct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... competent to furnish the said information and verify it. Place: .. Date: .. Signature Address of the declarant PAN of the declarant Note: *Strike off whichever is not applicable FORM NO. 3CEBD [See rule 10DB] Notification on behalf of the international group for the purposes of the proviso to sub-section (4) of section 286 of the Income-tax Act, 1961 1. Name of the international group 2. Name of the parent entity of the international group 3. Address of the parent entity of the international group 4. Name of the constituent entity designated to furnish the report under sub-section (4) of Section 286 of the Income-tax Act, 1961 5. Address of the constituent entity designated to furnish the report under sub-section (4) of Section 286 of the Income-tax Act, 1961 6. Permanent account number of the designated constituent entity 7. Names, permanent account numbers and addresses of all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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