9911796707
TMI BlogSpecific Reporting Requirements - Country by Country Reporting - Section 286X X X X Extracts X X X X X X X X Extracts X X X X ..... s in each tax jurisdiction. * MNEs have to identify each entity within group doing business in a particular tax jurisdiction and provide an indication of the business activities each entity engages in. Maintenance & Furnishing of Master File * Persons required to keep and maintain the information and documents [Rule 10DA]: Every person, being a constituent entity of an international group shall * If the consolidated group revenue of the international group, of which such person is constituent entity, as reflected in the consolidated financial statements of the international group for the accounting year, exceeds ₹500 crore; and * The aggregate value of an international transactions- * During accounting year, as per the boo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eporting entity is resident in India shall be required to furnish CbC report, if the total consolidated group revenue as reflected in the consolidated financial statement (CFS) for the accounting year preceding such accounting year is above a threshold to be prescribed i.e., ₹6,400 crore * Time Limit for furnish CbC report: Parent entity of international group or the alternate reporting entity, if it is resident in India shall be required to furnish the report in respect of the group in Form 3CEAD to JDIT designated by DGIT/PDGIT within 12 months from the end of the relevant accounting year. * Details to furnish by resident constituent entity: * it should contain the aggregate information in respect of- * the amount of revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nge of CbC report; or Within 6 Months - In case such country is not exchanging information with India even though there is an agreement, and the fact has been intimated to the entity by JDIT (System Failure). * Nomination of one constituent entity for furnishing CbC report - where there are more than one such constituent entities of the group, resident in India in Form 3CEAC, the report shall be furnished by any one constituent entity, if,- * the international group has designated such entity to furnish the report on behalf of all the constituent entities resident in India; and * the information has been conveyed in writing on behalf of the group to the prescribed authority. Income Tax Department designates Income tax Authority bef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt" specifying certain information including: * (a) the aggregate information in respect of the amount of revenue, profit or loss before income-tax, amount of income-tax paid, amount of income-tax accrued, stated capital, accumulated earnings, number of employees and tangible assets not being cash or cash equivalents, with regard to each country or territory in which the group operates; * (b) the details of each constituent entity of the group including the country or territory in which such constituent entity is incorporated or organised or established and the country or territory where it is resident; * (c) the nature and details of the main business activity or activities of each constituent entity. * For the above stated purpose ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
