The Central Board of Direct Taxes on 31 October 2017 released final rules concerning country-by-country (CbC) reporting.
In addition to the final CbC rules, there are measures for implementing Master file requirements.
In general, these releases reflect India’s commitment to implement recommendations of Action 13 of the base erosion and profit shifting (BEPS) project. The Finance Act, 2016 introduced section 286 to the Income-tax Act, 1961 and requires the preparation and furnishing of a CbC report by certain international corporate groups. Section 92D of the tax law (that is, the provision concerning transfer pricing documentation) was amended to require Master file preparation.
Read a November 2017 report [PDF 444 KB] prepared by the KPMG member firm in India
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained 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.