Section 286 contains provisions relating to specific reporting regime in the form of Country-by- Country Report (CbCR) in respect of an international group. The following amendments have been made to the scheme of section 286 with effect from the assessment year 2017-18 -
1. The time allowed for furnishing the Country-by-Country Report (CbCR), in the case of parent entity or Alternative Reporting Entity (ARE), resident in India, has been extended to 12 months from the end of reporting accounting year.
2. Constituent entity resident in India, having a non-resident parent, shall also furnish CbCR in case its parent entity outside India has no obligation to file the report of the nature referred to in sub-section (2) in the latter’s country or territory.
3. The time allowed for furnishing the CbCR, in the case of constituent entity resident in India, having a non-resident parent, shall be the period as may be prescribed.
4. The due date for furnishing of CbCR by the ARE of an international group, the parent entity of which is outside India, with the tax authority of the country or territory of which it is resident, will be the due date specified by that country or territory.
5. Agreement would mean an agreement referred to in section 90(1) / 90A(1), and also an agreement for exchange of the report referred to in sub-section (2) as may be notified by the Central Government.
6. “Reporting accounting year” has been defined to mean the accounting year in respect of which the financial and operational results are required to be reflected in the report referred to in sub-section (2) and sub-section (4).