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of <h1>Finance Bill 2016: Section 286 mandates international groups in India to report financial details starting April 2017.</h1> Clause 110 of the Finance Bill, 2016 introduces Section 286 to the Income-tax Act, effective April 1, 2017, requiring international groups with constituent entities in India to furnish a report. If the parent entity is not in India, the Indian entity must notify the prescribed authority about the parent or alternate reporting entity. Indian-resident parent entities must submit a report detailing revenues, profits, taxes, employees, and constituent entities' locations. Reports are exempt if the group's revenue is below a threshold or if an alternate reporting entity complies with exchange agreements. The prescribed authority can verify reports and request additional information.
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