Section 286 of ITA, 1961 : Section 286: Furnishing Of Report In Respect Of International Group

ITA, 1961

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Explanation using Example

Imagine a company called TechGlobal Corporation, based in the United States, which has a subsidiary in India named TechIndia Pvt. Ltd. TechGlobal is part of an international group and prepares consolidated financial statements as per US accounting standards.

Under Section 286 of the Income-tax Act, 1961, TechIndia Pvt. Ltd. must notify the Indian tax authorities whether it is the alternate reporting entity for the group or provide details of TechGlobal (the parent entity) and any alternate reporting entity, including their country of residence. This notification must be done in a prescribed form and within a specified deadline.

If TechIndia Pvt. Ltd. were designated as the alternate reporting entity by TechGlobal, it would be responsible for filing a detailed report to the Indian...

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