The Income Tax (9th Amendment) Rules, 2021
Vide Notification No. 31/2021-Income-tax Dated 5th April, 2021 CBDT notifies amendment in Rule 10DA which deals with Maintenance and furnishing of information and document by certain person under section 92D, Rule 10DB which deals with Furnishing of Report in respect of an International Group & Form No. 3CEAB which is Intimation by a designated constituent entity, resident in India, of an international group, for the purposes of sub-section (4) of section 92D of the Income-tax Act, 1961. Which includes the following Key amendment:
- Amendment in the Rule 10DA and Rule 10DB of the income Tax Rules 1962, which dealing with Master File and CbCR reporting compliances for specified transactions of Constituent entities of an International group;
- Increase consolidated group revenue threshold to determine reporting eligibility from INR 5500 Crore to INR 6400 Crore.