On 23 March 2018, the Government of India published clarification regarding requirement for furnishing of Country-by Country Report under Section 286(4) of Income Tax Act, 1961.
The government also confirmed that where a non-parent constituent entity is required to file a CbC report in India, such as due to a lack of exchange with the ultimate parent’s jurisdiction, the deadline is not 31 March 2018 (extended deadline for first year), but rather a date that will be prescribed after the Finance Bill 2018 is enacted.
For ultimate parent entities resident in India, the extended deadline remains 31 March 2018 for the year ending 31 March 2017. Although not mentioned in the release, the Finance Bill 2018 also amends the deadline for ultimate parent entities to 12 months after the end of the reporting fiscal year instead of with the tax return as currently provided under law.
