| SIGNING OF BILATERAL AGREEMENT FOR EXCHANGE OF CBC REPORTS BETWEEN INDIA AND THE USA |
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| (15 Mar 2019, 16:34 Hours IST) |
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| Sub - section (4) of section 286 of the Income - tax Act, 1961 requires that a constituent entity of an international group, resident in India, other than a parent entity or an alternate reporting entity of an international group, resident in India, shall furnish the Coun try - by - Country (CbC) Report in respect of the said international group for a reporting accounting year within the period as may be prescribed, if the parent entity of the said international group is resident of a country or territory, —
i. where the parent ent ity is not obligated to file the CbC Report;
ii. with which India does not have an agreement providing for exchange of the CbC Report; or
iii. where there has been a systemic failure of the country or territory and the said failure has been intimated by the prescribed authority to such constituent entity |
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