Daily Archive: March 15, 2019

Signing of Bilateral Agreement for Exchange of Country-by-Country (CbC) Reports between India and the USA

Signing of Bilateral Agreement for Exchange of Country-by-Country (CbC) Reports between India and the USA

Sub-section (4) of Section 286 of the Income-tax Act, 1961 requires that a constituent entity of an international group, resident in India, other than a parent entity or an alternate reporting entity of an international group, resident in India, shall furnish the Country-by-Country (CbC) Report in respect of the said international Group for a reporting accounting year within the period as may be prescribed, if the parent entity of the said International Group is resident of a country or territory,—

Ø  where the parent entity is not obligated to file the CbC Report;

Ø  with which India does not have an agreement providing for exchange of the CbC Report; or

Ø  where there has been a systemic failure of the country or territory and the said failure has been intimated by the prescribed authority to such constituent entity.

 

Vide Notification in GSR 1217 (E) dated 18th December, 2018 with effect from 18th December, 2018, amendments to the Income-tax Rules. 1962 (the “Rules”) have been carried out to provide that the period for furnishing of the CbC report (local filing) shall be twelve months from the end of the reporting accounting year.

Further, vide Circular No.9/2018, dated 26th December, 2018, CBDT as a one-time measure, in exercise of powers conferred under section 119 of the Act, extended the period for furnishing of the CbC Report (local filing) in respect of reporting accounting years ending on or before 28th February, 2018 up to 31st March, 2019.

The absence of an Agreement between India and USA till now entailed a possibility of local filing of CbC Reports in India. However, a Bilateral Competent Authority Arrangement, along with an underlying Inter-Governmental Agreement, for exchange of CbC Reports between India and the USA has now been finalized and will be signed on or before 31st March, 2019. This would enable both the countries to exchange CbC Reports filed by the ultimate parent entities of International Groups in the respective jurisdictions, pertaining to the financial years commencing on or after 1st January, 2016. As a result, Indian constituent entities of international groups headquartered in USA, who have already filed CbC Reports in the USA, would not be required to do local filing of the CbC Reports of their international groups in India.

 

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MOU Signed between ISRO & IIT Roorkee on Space Technology Cell

Today, Indian Institute of Technology (IIT) Roorkee signed an MOU with The Indian Space Research Organization of the Department of Space, Government of India, Bengaluru to set up an ISRO-IITR Space Technology Cell (STC) at IIT Roorkee, recognizing the need to strengthen their institutional interactions and thereby enhance the scope of the activities pursued under STC commensurate with the programmatic goals of ISRO.

The ISRO – IIT Roorkee Space Technology Cell shall pursue advanced research in the areas of relevance to the future technological and programmatic needs of the Indian Space Programme and shall devote its resources including human resources to this effect. The activities of STC shall be directed to maximize the use of the research potential, infrastructure, expertise and experience that already exist in ISRO and IIT Roorkee. STC will consist of faculty members, visiting scientists and experts, research personnel, technical, administrative and support staff.

Present at the event, Prof. Ajit K Chaturvedi, Director, IIT Roorkee said; “Association with ISRO in the form of a Space Technology Cell is an important milestone for our Institute. We are delighted to collaborate with ISRO and contribute to the prestigious space program of our country.”

Dr. P. V. Venkitakrishnan, Director, CPBO, ISRO HQ said “ We look forward to work with IIT Roorkee and hope that students and faculty of the Institute will develop scientific temper and generate interest in space research considering that space technology has become an integral part of our life .

IIT Roorkee will be responsible for overall management of Space Technology Cell by providing required infrastructure, administrative and other support.

न्यूजीलैंड में मस्जिद मे चली धुआंधार गोल ियां, बांग्लादेश के खिलाड़ियों ने भागकर जान ब चाई


न्यूजीलैंड के क्राइस्टचर्च में दो मस्जिद में 50 राउंड फायरिंग की गई. इस फायरिंग में करीब दो दर्जन से अधिक लोगों की मौत की खबर है. मस्जिद में बांग्लादेश क्रिकेट टीम नमाज अदा करने आई थी. फायरिंग के दौरान पूरी टीम ने पार्क के रास्ते भागकर जान बचाई. न्यूजीलैंड में मस्जिदों के दरवाजे बंद रखने का हुक्म दिया गया है. चार लोगों को हिरासत में लिया गया है.