9911796707
TMI BlogFurnishing of report in respect of international group.X X X X Extracts X X X X X X X X Extracts X X X X ..... ate reporting entity, resident in India, shall, for every reporting accounting year, in respect of the international group of which it is a constituent, furnish a report, to the prescribed income-tax authority within twelve months from the end of the said reporting accounting year, in such form and manner, as prescribed. (3) In sub-sections (2) and (4), the report in respect of an international group shall include- (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 gr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) the information has been conveyed in writing on behalf of the group to the prescribed income-tax authority. (6) The provisions of sub-sections (4) and (5) shall not apply, if- (a) an alternate reporting entity of the international group has furnished a report of the nature referred to in sub-section (2), with the tax authority of the country or territory in which such entity is resident, on or before the date specified by that country or territory; and (b) the following conditions are satisfied:- (i) the said report is required to be furnished under any law in force in the said country or territory; (ii) the said country or territory has entered into an agreement with India providing for exchange of the said report; (iii) the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the international group prepares its financial statements under any law in force or the applicable accounting standards of the country or territory of which such entity is resident, in any other case; (b) "agreement" means a combination of all of the following agreements:- (i) an agreement entered into under section 159(1) or (2); and (ii) an agreement for exchange of the report referred to in sub-section (2) and notified by the Central Government; (c) "alternate reporting entity" means any constituent entity of the international group that has been designated by such group, in the place of the parent entity, to furnish the report of the nature referred to in sub-section (2) in the country or territory in which the said constitue ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which the assets, liabilities, income, expenses and cash flows of the parent entity and the constituent entities are presented as those of a single economic entity; (g) "international group" means any group that includes- (i) two or more enterprises which are resident of different countries or territories; or (ii) an enterprise, being a resident of one country or territory, which carries on any business through a permanent establishment in other countries or territories; (h) "parent entity" means a constituent entity, of an international group holding, directly or indirectly, an interest in one or more of the other constituent entities of the international group, such that- (i) it is required to prepare a consolidated financial s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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