The Country by Country Reporting Guidelines require every constituent entity to file Form 3CEAA (Part A and Part B). 31-Mar-2018 is the last date for filing the form for Financial Year 2016-17.
Please note that
- Filing of Part A – Form 3CEAA is mandatory for every organisation that, simply put, has international transactions in the given financial year; i.e. the entity has entered into transactions with related parties (specifically referred to as Associated Enterprise in Income Tax) outside India.
- Filing of Part B – Form 3CEAA is required only if
- if the consolidated group revenue of the international group, of which such person is a constituent entity, as reflected in the consolidated financial statement of the international group for the accounting year, exceeds five hundred crore rupees; and
- the aggregate value of international transactions,
- during the accounting year, as per the books of accounts, exceeds fifty crore rupees, or
- in respect of purchase, sale, transfer, lease or use of intangible property during the accounting year, as per the books of accounts, exceeds ten crore rupees,
The quantum of data sought under Part B is extensive. Please gather all the information called for before submitting the return.
Please note that failure to maintain and furnish information called for could result in a penalty of 2% of the value of international transactions so undertaken in the financial year.
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