TaxTMI 
TaxTMI 
Draft - Framing of rules in respect of Country-by-Country reporting and furnishing of master file – comments and suggestions-reg.
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.... per rules prescribed in this regard. 2. Consequent to the aforesaid amendments to the Act, it is proposed to insert rules 10DA, 10DB and form nos. 3CEBA to 3CEBE in the Income-tax Rules, 1962 ('the Rules'), laying down the guidelines for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country report. In this regard, the following guidelines are proposed to be prescribed: 2.1 The following rules 10DA and 10DB are proposed to be inserted in the Rules after the existing rule 10D: "Information and documents to be kept and maintained under proviso to sub-section (1) and to be furnished in terms of sub-section (4) of Section 92D. 10DA. (1) Every person, being a constituent entity of an international group shall,__ (i) if the consolidated revenue of the international group, of which such person is a constituent entity, as reflected in the consolidated financial statement of the international group for the accounting year preceding such previous year, exceeds five hundred crore rupees; and (ii) the aggregate value of international transactions,__ (A) during the reporting year, as per the books of accounts, exceeds fifty crore rupee....
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....n such intangibles; (g) a list and brief description of important agreements among members of the international group related to intangibles, including cost contribution arrangements, principal research service agreements and license agreements; (h) a detailed description of the transfer pricing policies of the international group related to research and development and intangibles; (i) a description of important transfers of interest in intangibles, if any, among entities of the international group, including the name and address of the selling and buying entities and the compensation paid for such transfers; (j) a detailed description of the financing arrangements of the international group, including the names and addresses of the top ten unrelated lenders; (k) a list of group entities that provide central financing functions, including their place of operation and of effective management; (l) a detailed description of the transfer pricing policies of the international group related to financing arrangements among group entities; (m) a copy of the annual consolidated financial statement of the international group; and (n) a list and brief description of the exist....
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....in India, notify the Director General of Income-tax (Risk Assessment) in Form 3CEBB, the following, namely:- (a) whether it is the alternate reporting entity of the international group; or (b) the details of the parent entity or the alternate reporting entity, as the case may be, of the international group and the country or territory of which the said entities are residents. (2) The notification referred to in sub-rule (1) shall be made on or before sixty days prior to the due date for furnishing of report as prescribed under sub-section (2) of section 286. (3) Every parent entity or the alternate reporting entity, as the case may be, resident in India, shall, for every reporting accounting year, furnish the report referred to in sub-section (2) of section 286 to the Director General of Income-tax (Risk Assessment) in Form 3CEBC. (4) A constituent entity of an international group, resident in India, other than the entity referred to in sub-rule (3), shall furnish the report referred to in sub-rule (3) within the time specified therein if the provisions of sub-section (4) of Section 286 are applicable in its case. (5) If there are more than one constituent entities of a....
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....on of the business of the international group during the reporting accounting year in accordance with clause (c) of sub-rule (1) of rule 10DA containing the following, namely:- (i) the nature of the business or businesses; (ii) the important drivers of profits of such business or businesses; (iii) a description of the supply chain for the five largest products or services of the international group in terms of revenue and any other products and services amounting to more than five per cent. of the group revenue or turnover; (iv) a list and brief description of important service arrangements among members of the international group, other than those for research and development services; (v) a description of the capabilities of the main service providers within the international group; (vi) the transfer pricing policies for allocating service costs and determining prices to be paid for intra-group services; (vii) a list and description of the major geographical markets for the products and services offered by the international group; (viii) the functions, assets and risks analysis of the constituent entities of the international group that contribute at least ten per....
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....p;……………………… son/daughter/wife* of Shri ……………………………… hereby declare that I am furnishing the information in my capacity as …………………………… (designation) of ……………………………… (name of the assessee) and I am competent to furnish the said information and verify it. Place: ……………. Signature Date: …………….. Address of the declarant …………………………… PAN of the declarant Note: *Strike off whichever is not applicable FORM NO. 3CEBB [See rule 10DB] Notification Report by a constituent entity, resident in India, of a non-resident international group for the purposes of sub-section (1) of Section 286 of the Income-tax Act, 1961 1. Name of the constituent entity 2. Address of the constituent entity - 3. Permanent account number of the constit....
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....ties of the international group resident in India - Sl. No. Name of the constituent entity Permanent number account Address I ……………………………………………… son/daughter/wife* of Shri ……………………………… hereby declare that I am furnishing the information in my capacity as …………………………… (designation) of ……………………………… (name of the assessee) and I am competent to furnish the said information and verify it. Place: …………… Signature Date: …………….. Address of the declarant …………………………… PAN of the declarant Note: *Strike off whichever is not applicable. FORM NO. 3CEBE [See rule 10DA] Notification Report by a constituent entity, resident in India, of a non-resident international gro....