P&H HC: Eyewitness Account Not Credible if Eyewitness Directly Identifies Accused in Court  ||  Delhi HC: Conditions u/s 45 PMLA Have to Give Way to Article 21 When Accused Incarcerated for Long  ||  Delhi High Court: Delhi Police to Add Grounds of Arrest in Arrest Memo  ||  Kerala High Court: Giving Seniority on the Basis of Rules is a Policy Decision  ||  Del. HC: Where Arbitrator has Taken Plausible View, Court Cannot Interfere u/s 34 of A&C Act  ||  Ker. HC: No Question of Estoppel Against Party Where Error is Committed by Court Itself  ||  Supreme Court: Revenue Entries are Admissible as Evidence of Possession  ||  SC: Mere Breakup of Relationship Between Consenting Couple Can’t Result in Criminal Proceedings  ||  SC: Bar u/s 195 CrPC Not Attracted Where Proceedings Initiated Pursuant to Judicial Order  ||  NTF Gives Comprehensive Suggestions on Enhancing Better Working Conditions of Medical Professions    

CBDT notifies rules in respect of Country-by-Country reporting and furnishing of Master File- (Press Information Bureau) (01 Nov 2017)

MANU/PIBU/1313/2017

Direct Taxation

In keeping with India's commitment to implement the recommendations of 2015 Final Report on Action 13, titled "Transfer Pricing Documentation and Country-by-Country Reporting", identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the Income-tax Act, 1961 ('the Act') was inserted vide Finance Act, 2016, providing for furnishing of a Country-by-Country report in respect of an international group by its constituent or parent entity. Section 92D of the Act was also amended vide Finance Act, 2016 to provide for keeping and maintaining of Master File by every constituent entity of an international group, which was to be furnished as per rules prescribed in this regard.

Subsequent to the aforesaid amendments to the Act, comments and suggestions were invited on the proposal to insert rules 10DA, 10DB and form nos. 3CEBA to 3CEBE in the Income-tax Rules, 1962 ('the Rules'), laying down the guidelines.

After examining the recommendations of the Committee set up in this regard, and comments and suggestions received from stakeholders and general public, the Central Board of Direct Taxes has notified the rules for maintaining and furnishing of transfer pricing documentation in the Master File and Country-by-Country report.

Since it is the first reporting year for furnishing of the Country-by-Country report, the due date for filing the Country-by-Country report for reportable accounting year 2016-17 has already been extended to 31st of March, 2018 vide Circular No. 26/2017 dated 25.10.2017. Similarly, the date of compliance for furnishing the Master File for FY 2016-17 has been extended to 31st of March, 2018 as a one-time relief measure.

The salient features of the Country-By-Country Report and Master File rules are as under:

The threshold for the Country-By-Country Report is total consolidated group revenue of Rs. 5,500 crore or more.

The threshold for the Master File is consolidated group revenue exceeding Rs. 500 crore and either the aggregate value of international transactions as per the books of accounts exceeding Rs. 50 crore or aggregate value of international transactions in respect of intangible property exceeding Rs. 10 crore.

Report of Master File has to be submitted in Form 3CEAA and the Country-by-Country Report in Form 3CEAD. An international group having multiple Indian constituent entities may designate one constituent entity to file the Master File. Part A of Form 3CEAA is to be filled by every constituent entity of an international group regardless of whether it qualifies under the threshold for furnishing Master File. However, to reduce the compliance burden, such international group having multiple Indian constituent entities can designate one constituent entity to file Part A on its behalf. Form 3CEAD for furnishing Country-by-Country Report follows OECD template.

Tags : RULES   NOTIFICATION   MASTER FILE   FURNISHING  

Share :        

Disclaimer | Copyright 2024 - All Rights Reserved