Bringing to your notice a recent circular released by CBDT (Circular No. 26/2017) extending the due date for furnishing of the Country-by-Country (“CbC”) report for the reporting accounting year 2016-17, from 30 November 2017 to 31 March 2018.
As per the provisions of section 286(2) of the Act, the CbC report is required to be furnished by on or before the due date of furnishing tax return under section 139 (1) of the Act (i.e. November 30, 2017). The Circular states that FY 2016-17 being the first reporting year and the fact that the rules for furnishing of CbC report are still under consideration, the CbC report for the reporting accounting year 2016-17 has to be furnished by 31 March 2018 in place of the earlier due date of 30 November 2017.
Please note that the due date of furnishing of the CbC report for the subsequent years .i.e. reporting accounting year 2017-18 onwards continues to be the due date of filing the income-tax return i.e. 30 November following the financial year.
A copy of the rules is attached herewith for your reference.