TaxTMI 
TaxTMI 
Furnishing 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
....ry or territory of which the said entities are resident. (2) Every parent entity or the alternate 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 authority ^2[within a period of twelve months from the end of the said reporting accounting year], in the form and manner as may be prescribed. (3) For the purposes of sub-section (2) ^3[and sub-section (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, accum....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ed by any one constituent entity, if,- (a) the international group has designated such entity to furnish the report in accordance with the provisions of sub-section (2) on behalf of all the constituent entities resident in India; and (b) the information has been conveyed in writing on behalf of the group to the prescribed authority. (5) Nothing contained in sub-section (4) shall apply, if, 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 ^7[by that country or territory] and the following conditions are satisfied, namely:- ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....r does not exceed the amount, as may be prescribed. (8) The provisions of this section shall be applied in accordance with such guidelines and subject to such conditions, as may be prescribed. (9) For the purposes of this section,- (a) "accounting year" means,- (i) a previous year, in a case where the parent entity is resident in ^13[****] India; or (ii) an annual accounting period, with respect to which the parent entity of the international group prepares its financial statements under any law for the time being in force or the applicable accounting standards of the country or territory of which such entity is resident, in any other case; ^9[(b) "agreement" means a combination of all of the follow....
X X X X Extracts X X X X
X X X X Extracts X X X X
....rent entity and all the entities in respect of which, for the reason of ownership or control, a consolidated financial statement for financial reporting purposes,- (i) is required to be prepared under any law for the time being in force or the accounting standards of the country or territory of which the parent entity is resident; or (ii) would have been required to be prepared had the equity shares of any of the enterprises were listed on a stock exchange in the country or territory of which the parent entity is resident; (f) "consolidated financial statement" means the financial statement of an international group in which the assets, liabilities, income, expenses and cash flows of the parent entity and the cons....
X X X X Extracts X X X X
X X X X Extracts X X X X
....section 92F; (j) "reporting accounting year" means the accounting year in respect of which the financial and operational results are required to be reflected in the report referred to in ^12[sub-sections (2) and (4)]; (k) "reporting entity" means the constituent entity including the parent entity or the alternate reporting entity, that is required to furnish a report of the nature referred to in sub-section (2); (l) "systemic failure" with respect to a country or territory means that the country or territory has an agreement with India providing for exchange of report of the nature referred to in sub-section (2), but- (i) in violation of the said agreement, it has suspended automatic exchange; or ....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... Inserted vide Section 55 of the Finance Act, 2018 w.e.f. 01-04-2017 4. Inserted vide Section 55 of the Finance Act, 2018 w.e.f. 01-04-2017 5. Re-lettered vide Section 55 of the Finance Act, 2018 w.e.f. 01-04-2017 before it was read as, "(a)" 6. Inserted vide Section 55 of the Finance Act, 2018 w.e.f. 01-04-2017 7. Substituted vide Section 55 of the Finance Act, 2018 w.e.f. 01-04-2017 before it was read as, "in the said sub-section" 8. Substituted vide Section 55 of the Finance Act, 2018 w.e.f. 01-04-2017 before it was read as, "entities" 9. Substituted vide Section 55 of the Finance Act, 2018 w.e.f. 01-04-2017 before it was read as, "(b) "agreement" me....