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of <h1>Amendment to Section 286 of Income-tax Act: Reporting Changes for International Groups, Effective from April 2017.</h1> Clause 67 of the Finance (No. 2) Bill, 2019, amends section 286 of the Income-tax Act concerning the reporting requirements for international groups. It removes the term 'or alternate reporting entity' from sub-clause (i) of clause (a) in sub-section (9), effective retrospectively from April 1, 2017. The amendment redefines the 'accounting year' for an alternate reporting entity in India, whose ultimate parent entity is outside India, as an annual accounting period aligned with the financial statements of the parent entity, rather than the previous year. This change applies from the assessment year 2017-2018 onwards.
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