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The Central Board of Direct Taxes amends the Income-tax Rules, 1962 to set the time limit for a constituent entity of an international group to furnish a report under sub-section (4) of section 286. The constituent entity submits the report within twelve months from the end of the reporting accounting year. The constituent entity submits the report within six months from the end of the month of intimation if a systemic failure of the country or territory of the parent entity occurs and the authority intimates the failure to the constituent entity. The rules come into force on the date of publication in the Official Gazette.
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MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 18th December, 2018 INCOME-TAX
G.S.R. 1217(E).—In exercise of the powers conferred by sub-section (4) of section 286 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: ___
(1) This rule may be called the Income-tax (14th Amendment) Rules, 2018.
(2) They shall come into force from the date of its publication in the Official Gazette.
“(4) The period for furnishing of the report under sub-section (4) of section 286 by the constituent entity referred to in that sub-section shall be twelve months from the end of the reporting accounting year: Provided that in case the parent entity of the constituent entity is resident of a country or territory, where, there has been a systemic failure of the country or territory and the said failure has been intimated to such constituent entity, the period for submission of the report shall be six months from the end of the month in which said systemic failure has been intimated.”.
[Notification No. 88/2018/ F. No. 370142/17/2018-TPL]
NIRAJ KUMAR, Under Secy. (Tax Policy and Legislation)
Note : The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Sub- section (ii) vide number S.O. 969(E), dated the 26th March, 1962 and were last amended vide notification number S.O. 6054(E) dated 6th December, 2018.
