CBDT extends Due Date upto 31 Mar. 2018 for Country-by-Country Reporting 2016-17

CBDT extends Due Date to 31 Mar. 2018 for Country-by-Country Reporting (CBCR) for the purpose of Transfer Pricing in respect of FY 2016-17

The CBDT has extended the Due Date for Country-by-Country Reporting (CbCR) by International Groups under Transfer Pricing (BEPS Project of OECD) in respect of the Financial Year 2016-17 upto 31 Mar. 2018, as the relevant Rules are in the formulation stage.

CbCR Due Date (2016-17) Extended to 31 Mar. 2018: CBDT Circular No. 26/2017 dt. 25 Oct. 2017

In keeping with India’s commitment to implement the recommendations of 2015 Final Report on Action 13, titled “Transfer Pricing Documentation and Country-by-Country Reporting”, identified under the OECD Base Erosion and Profit Shifting (BEPS) Project, section 286 of the Income-tax Act, 1961 (‘the Act’) was inserted vide Finance Act, 2016, providing for furnishing of a Country-by-Country report (CbCR) in respect of an international group by its constituent or parent entity. Under sub-section (2) of section 286 of the Act, the ‘due date’ for furnishing the Country-by-Country Report is the date specified under section 139(1) for furnishing the return of income for the relevant accounting year.

FY 2016-17 will be the first reporting year for furnishing of CbCR. The rules for furnishing of CbCR are also still under consideration.

On consideration of the matter, the Central Board of Direct Taxes, in exercise of its powers conferred under section 119 of the Act, in respect of all assessees covered under subsection (2) of section 286 of the Act, hereby extends the ‘due date’ prescribed therein for furnishing of report in respect of international group for reporting accounting year 2016-17 to 31st March, 2018.

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Latest Income Tax Circulars issued by CBDT (2017)

CBDT’s Draft Guidelines on TP Documentation in Master File and Country-by-Country Reporting

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