India: First CbC report extended to 31 March 2018 | KPMG | GLOBAL

India: Country-by-country report due date extended to 31 March 2018

India: CbC report extended to 31 March 2018

In India, Finance Act, 2016 added section 286 of the Income-tax Act, 1961 and includes rules for certain multinational corporate groups filing a country-by-country (CbC) report. A provision of section 286 provides that the due date for filing the CbC report is to be tied to the “due date” for filing the income tax return for the relevant accounting year—that is, a due date of 30 November.

1000

Related content

Financial year (FY) 2016-17 will be the first reporting year for filing a CbC report. The Central Board of Direct Taxes, being aware of potential hardships encountered by taxpayers in preparing their first CbC report, issued a circular on 25 October 2017 that extends the due date for filing the first CbC report to 31 March 2018.

 

Read an October 2017 report [PDF 475 KB] prepared by the KPMG member firm in India

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Request for proposal

 

Submit