very constituent entity resident in India, shall, if it is constituent of an international group, the parent entity of which is not resident in India, notify the prescribed income-tax authority in the form and manner, on or before such date, as may be prescribed,— (a) whether it is the alternate reporting entity of the international group; or (b) the details of the parent entity or the alternate reporting entity, if any, of the international group, and the country or territory of which the said entities are resident. (2) 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, to the prescribed income-tax authority within twelve months from the end of the said reporting accounting year, in such form and manner, as may be prescribed. (3) In sub-sections (2) and (4), the report in respect of an international group shall include— (a) the aggregate information in respect of the amount of revenue, profit or loss before income-tax, amount of income-tax paid, amount of income-tax accrued, stated capital, accumulated earnings, number of employees and tangible assets not being cash or cash equivalents, with regard to each country or territory in which the group operates; (b) the details of each constituent entity of the group including the country or territory in which such constituent entity is incorporated or organised or established and the country or territory where it is resident; (c) the nature and details of the main business activity or activities of each constituent entity; and (d) any other information, as may be prescribed. (4) A constituent entity of an international group, resident in India, other than the entity referred to in sub-section (2), shall furnish the report referred to in the said sub-section, in respect of the international group for a reporting accounting year within the period, as may be prescribed, if the parent entity is resident of a country or territory,—
(a) where the parent entity is not obligated to file the report of the nature referred to in the said sub-section; or (b) with which India does not have an agreement providing for exchange of the report of the nature referred to in the said sub-section; or (c) where there has been a systemic failure of the country or territory and such failure has been intimated by the prescribed income-tax authority to such constituent entity. (5) If there are more than one such constituent entities of the group, resident in India, the report as mentioned in sub-section (4) shall be furnished by any one constituent entity, if— (a) the international group has designated such entity to furnish the report as per sub-section (2) on behalf of all the constituent entities resident in India; and (b) the information has been conveyed in writing on behalf of the group to the prescribed income-tax authority. (6) The provisions of sub-sections (4) and (5) shall not apply, if— (a) an alternate reporting entity of the international group has furnished a report of the nature referred to in sub-section (2), with the tax authority of the country or territory in which such entity is resident, on or before the date specified by that country or territory; and (b) the following conditions are satisfied:— (i) the said report is required to be furnished under any law in force in the said country or territory; (ii) the said country or territory has entered into an agreement with India providing for exchange of the said report; (iii) the prescribed income-tax authority has not conveyed any systemic failure in respect of the said country or territory to any constituent entity of the group that is resident in India; (iv) the said country or territory has been informed in writing by the constituent entity that it is the alternate reporting entity on behalf of the international group; and (v) the prescribed income-tax authority has been informed by the entity referred to in sub-sections (4) and (5) as per sub-section (1). (7) The prescribed income-tax authority may, for determining the accuracy of the report furnished by any reporting entity, issue notice in writing, requiring the entity to produce such information and document as specified in the notice within thirty days of the date of receipt of the notice and such period may be extended by up to an additional thirty days upon application by the entity. (8) The provisions of this section shall not apply to an international group for an accounting year, if the total consolidated group revenue, as per the consolidated
financial statement for the accounting year preceding such accounting year, does not exceed the prescribed amount. (9) The provisions of this section shall be applied as per such guidelines and subject to such conditions, as may be prescribed.