Govt issues clarification regarding furnishing of Country-by Country Report under Income Tax
PrintListen to this Article
The CbC Report is to be furnished by the ultimate parent entity of an International Group in the country or territory of its residence. As specified under sub-section (2) of Section 286, the said Report is to be furnished on or before the due date specified under Section 139(1) of the Act for furnishing of return of income for the relevant accounting year. The date for furnishing of CbC Report under sub-section (2) of Section 286 for FY 2016-17 was subsequently extended to 31stMarch, 2018 vide CBDT Circular No. 26 of 2017 dated 25th October, 2017.
Sub-section (4) of Section 286 specifies situations in which the said report shall be furnished in India by the constituent entity of an international group, resident in India, namely, those in which there is failure to obtain CbC Report on account of the parent entity being resident of a country or territory with which India does not have an agreement providing for exchange of CbC reports or where there has been a systemic failure of the country or territory and the same has been intimated to such constituent entity.
It has been brought to the notice of the Government that Constituent Entities of International Groups, resident in India, have apprehensions that the due date of furnishing of CbC Report under sub-section (4) of Section 286 is also 31st of March, 2018.
In order to allay the aforesaid apprehensions, it is hereby clarified that the due date of 31st March, 2018 applies for furnishing of CbC Report under sub-section (2) of Section 286 only and not under sub-section (4) of the said Section.
It is further stated that the Finance Bill, 2018 (as passed by the Lok Sabha) has proposed that the due date for furnishing of CbC Report under sub-section (4) of Section 286 shall be as prescribed. Accordingly, the time for furnishing of CbC Report under sub-section (4) of Section 286 of the Act is proposed to be prescribed after the enactment of Finance Bill, 2018.
Category : Income Tax | Comments : 0 | Hits : 885
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
If you earn income other than salary or have multiple income streams, the advance tax deadline falling today—Monday, December 15, 2025—should not be overlooked. Failure to pay advance tax on time, or paying less than the required amount, may attract interest charges that continue to accumulate. As the Income Tax Act operates on a “pay as you earn” basis, being aware of advance tax provisions and the financial impact of delays can help you avoid unnecessary costs and last-...
As many as 5,44,205 appeals were pending resolution with the Income Tax (IT) Department at commissioner (appeals) level as of January 31 this year, and 63,246 at various Income Tax Appellate Tribunals (ITATs), High Courts, and the Supreme Court, FE has learnt. To be precise, the cases pending in ITATs were 20,266 High Courts, 37,436; and Supreme Court 5,544. The large pendency is even as the Central Board of Direct Taxes (CBDT) has laid emphasis on disposing of income tax appeals in its 10...
The Central Board of Direct Taxes (CBDT) has facilitated taxpayers to file their Income Tax Returns (ITRs) for the Assessment Year 2024-25 (relevant to Financial Year 2023-24) from 1st April, 2024 onwards. The ITR functionalities i.e. ITR-1, ITR-2 and ITR-4, commonly used by taxpayers are available on the e-filing portal from 1st April, 2024 onwards for taxpayers to file their Returns. Companies will also be able to file their ITRs through ITR-6 from April 1 onwards. As ...
It has come to notice that misleading information related to new tax regime is being spread on some social media platforms. It is therefore clarified that the new regime under section 115BAC(1A) was introduced in the Finance Act 2023 which was as under as compared to the existing old regime (without exemptions): New Regime 115BAC (1A) introduced for FY 2023-24 Existing old Regime 0-3 lacs 0% 0-2.5 lacs 0% ...
Comments