TaxTMI 
TaxTMI 
Furnishing of report in respect of international group
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....t. (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 income-tax authority within twelve months from the end of the said reporting accounting year, in such form and manner, as may be prescribed. (3) In sub-sections (2) and (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, accumulated earnings, number of employees and tangible assets not being cash or cash equivalent....
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....nternational group has designated such entity to furnish the report as per 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 income-tax authority. (6) The provisions of sub-sections (4) and (5) shall not apply, if- (a) 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 by that country or territory; and (b) the following conditions are satisfied:- (i) the said report is required to be furnished u....
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....as may be prescribed. (10) For the purposes this section,- (a) "accounting year" means,- (i) a tax year, in a case where the parent entity is resident in 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 in force or the applicable accounting standards of the country or territory of which such entity is resident, in any other case; (b) "agreement" means a combination of all of the following agreements:- (i) an agreement entered into under section 159(1) or (2); and (ii) an agreement for exchange of the report referred to in sub-section (2) and notified by the Central Government;....
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....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 constituent entities are presented as those of a single economic entity; (g) "international group" means any group that includes- (i) two or more enterprises which are resident of different countries or territories; or (ii) an enterprise, being a resident of one country or terr....