Extending the due date for furnishing of report u/s 286(4) of the Income-tax act, 1961

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..... ed December 18, 2018, sub-rule (4) of Rule 10DB of the Income-tax Rules, 1962 (the Rules) was amended with effect from December 18, 2018; to provide that the period for furnishing of the report under sub-section (4) of section 286 of the Income-tax Act, 1961 (the Act) by the constituent entity referred to in that sub-section shall be twelve months from the end of the reporting accounting year. 1. .....

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..... der clause (a) or (aa) of said sub-section, in respect of reporting accounting years ending upto February 28, 2018, was extended to March 31 , 2019. 3. The agreement for providing for exchange of the report of the nature referred to in sub-section (2) of section 286 of the Act has been entered into by India and the USA on March 27, 2019. However, the agreement and the exchange mechanism would com .....

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..... unting years ended after February 28 , 2018. 4. In view of the above, in order to remove the genuine hardship faced by the constituent entities referred to under clause (a) or (aa) of said sub-section, whose parent entities are resident in USA, in furnishing of the report under sub-section (4) of section 286 of the Act read with sub-rule (4) of rule 10DB of the Rules, the Board, in exercise of po .....

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