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of <h1>New Section 285A in Income-tax Act: Indian entities must report foreign company asset value in India. Effective April 2016.</h1> Clause 76 of the Finance Bill, 2015, introduces section 285A to the Income-tax Act, effective from April 1, 2016. It mandates that Indian concerns must furnish specific information or documents to the income-tax authority when a foreign company or entity derives substantial value from assets located in India through the Indian concern. This requirement is for determining income accruing or arising in India under section 9(1)(i) of the Act. The information must be submitted within the prescribed period and manner as specified by the authorities. This provision applies from the assessment year 2016-17 onwards.
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