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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 ..... 10DA. (1) Every person, being a constituent entity of an international 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 bu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uch transfers; (j) a detailed description of the financing arrangements of the international group, including the names and addresses of the top ten unrelated lenders; (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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in India, shall, if its parent entity is not resident in India, intimate the Director General of Income-tax (Risk Assessment) in Form No. 3CEAC, 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) 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 it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccounting Year for which the report is being submitted 7. Number of constituent entities of the international group operating in India 8. Name, permanent account number and address of all the constituent entities included in item No. 7- 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cipal research service agreements and license agreements 8. Description of the transfer pricing policies of the international group related to research and development and intangible property 9. Description of important transfers of interest in intangible property, 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 functions, including their addresses of operation and of effective management 12. Detailed description of the transfer pricing policies of the international group related 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/dau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8. Whether the international group has designated an alternate reporting entity in place of the parent entity to furnish the report referred to in sub-section (2) of section 286 - Yes/No 9. If yes, name and address of the alternate reporting entity of the international group (i) Name of alternate reporting 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... include any further brief information or explanation that is considered necessary or that would facilitate the understanding of the compulsory information provided in Part A and Part B. (e.g. Source of Data) 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. Signatur 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. Note 2: Specific instructions Part A 1. In the column titled Tax Jurisdiction , the Reporting multi-national enterprise (MNE) should list all of the tax jurisdictions in which Constituent Entities of the MNE group are resident for tax purposes. A tax jurisdiction is defined as a State as well as a non-State jurisdiction which has fiscal autonomy. A separate line should be included for all Constituent E ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... um of the accrued tax expense recorded on taxable profits or losses of the year of reporting of all Constituent Entities resident for tax purposes in the relevant tax jurisdiction. The tax expense should reflect only operations in the reportable accounting year and should not include deferred taxes or provisions for uncertain tax liabilities. 6. Under the column titled Stated Capital , the Reporting MNE should report the sum of the stated capital of all Constituent Entities resident for tax purposes in the relevant tax jurisdiction. With regard to permanent establishments, the stated capital should be reported by the legal entity of which it is a permanent establishment unless there is a defined capital requirement in the permanent establishment tax jurisdiction for regulatory purposes. 7. Under the column titled Accumulated Earnings , the Reporting MNE should report the sum of the total accumulated earnings of all Constituent Entities resident for tax purposes in the relevant tax jurisdiction as of the end of the year. With regard to permanent establishments, accumulated earnings should be reported by the legal entity of which it is a permanent establishment. 8. Under t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Activity(-ies) , the Reporting MNE should determine the nature of the main business activity(ies) carried out by the Constituent Entity in the relevant tax jurisdiction, by ticking one or more of the appropriate boxes. In this column, if the Reporting MNE chooses the option Other , then it shall be required to specify the nature of the activity of the Constituent Entity in the Part C: Additional Information section. FORM NO. 3CEAE [See rule 10DB] Intimation 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 other constituent e ..... X X X X Extracts X X X X X X X X Extracts X X X X
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