Furnishing of report in respect of an international group under section 511

Authority and forms.

• The income-tax authority for section 511 is the Joint Director designated by the Director General of Income-tax (Systems) (sub-rule 1).
• The notification under section 511(1) is in Form No. 58, made two months before the report due date (sub-rule 2).
• A parent entity or alternate reporting entity resident in India furnishes the report in Form No. 59 for every reporting accounting year (sub-rule 3).
• Information about the designated constituent entity under section 511(5) is in Form No. 60 (sub-rule 6).

Time limits. A constituent entity furnishes the section 511(4) report within twelve months from the end of the reporting accounting year (sub-rule 4). If the parent entity is resident in a country or territory with a systemic failure that has been intimated to the constituent entity, the period is six months from the end of the month in which the failure was intimated (sub-rule 5).

Threshold and conversion (sub-rules 7 and 8). For section 511(8), the total consolidated group revenue of the international group is six thousand four hundred crore rupees. Foreign-currency revenue is converted at the telegraphic transfer buying rate on the last day of the accounting year preceding the accounting year.

Corrections and definitions (sub-rules 9 and 10). A revision or correction of the Form No. 59 report is made by intimation to the Director General of Income-tax (Systems). Terms are as in section 511(10) and rule 207.