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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Section 286 establishes country-by-country reporting requirements for international groups under Income-tax Act from April 2017</h1> The Finance Act, 2016 inserted section 286 into the Income-tax Act, effective April 1, 2017, establishing country-by-country reporting requirements for international groups. Constituent entities resident in India must notify prescribed authorities whether they are alternate reporting entities or provide details of parent/alternate reporting entities. Parent entities or alternate reporting entities in India must furnish annual reports containing aggregate financial information, constituent entity details, and business activities for each territory where the group operates. The provision includes exemptions for groups below prescribed revenue thresholds and when alternate reporting entities in treaty countries have already filed reports. Authorities may request additional information within specified timeframes, with detailed definitions provided for key terms including international group, constituent entity, and reporting requirements.
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