CBDT Amends rule 10DA and rule 10DB of Income Tax Rules Regarding furnishing of information and maintenance of documents by constituents entity of international group.

The Central Board of Direct Taxes vide Notification dated 6th January 2020, has published the Income-tax (2nd Amendment) Rules, 2020 to further amend the Income-tax Rules, 1962.

Key Highlights of the Amendment:

Under Rule 10DA every person of a constituent entity of an international group, shall keep and maintain information and document in respect of an international group in Form 3CEAA.

The information and document specified in the above rule shall be furnished to the Joint Commissioner on or before the due date for furnishing the return of income as specified by the authority.

The constituent entity shall furnish Part A of Form No. 3CEAA even if the conditions specified under sub-rule (1) are not satisfied. Where there are more than one constituent entities resident in India of an international group, the Form No. 3CEAA may be furnished by any one constituent entity designated by international group.

In Rule 10DB  Every constituent entity resident in India, shall, if it is constituent of an international group, the parent entity of which is not resident in India, it shall intimate to Joint Commissioner as may be designated by the Director General of Income-tax (Risk Assessment). Every parent entity or the alternate reporting entity, resident in India, shall, for every reporting accounting year, in respect of the international group of which it is a constituent, furnish a report in Form No. 3CEAC two months prior to the due date for furnishing of report.

Click here to read the Notification.