ARTICLE · 20 JANUARY 2020

Gearing Up For CbCR Compliances

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The Finance Act 2016 introduced provisions relating to Country by Country Report (CbCR) and Master File pursuant to adoption of OECD's BEPS Action Plan-13 in India.

IndiaAccounting and Audit

Gearing up for CbCR Compliance – A recap of Indian CbCR/Master File Norms

The Finance Act 2016 introduced provisions relating to Country by Country Report (CbCR) and Master File pursuant to adoption of OECD's BEPS Action Plan-13 in India.

While the law was enacted and it was made applicable with effect from 1st April 2017 (i.e. from AY 2017-18 onwards), the notification regarding the Final Rules was released on 31st October 2017 providing much awaited guidelines with respect to maintenance and furnishing of Master File and CbCR.

As per Final Rules and Regulations, the due date for furnishing Master File and CbCR is 30th November following the relevant fiscal year. But as the final rules were released on 31st October 2017, the Government extended the due dates for furnishing such documents to 31st March 2018 for FY 2016-17 only.

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