MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
Notification No. 88/2018
New Delhi, the 18th December, 2018
G.S.R. 1217(E).—In exercise of the powers conferred by sub-section (4) of section 286 read with section 295 of the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct Taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely: –
1. Short title and commencement.— (1) This rule may be called the Income-tax (14th Amendment) Rules, 2018.
(2) They shall come into force from the date of its publication in the Official Gazette.
2. In the Income-tax Rules, 1962, in Part II, in rule 10DB, for sub-rule (4), the following sub-rule shall be substituted, namely:
“(4) The period for furnishing of the report under sub-section (4) of section 286 by the constituent entity referred to in that sub-section shall be twelve months from the end of the reporting accounting year:
Provided that in case the parent entity of the constituent entity is resident of a country or territory,where, there has been a systemic failure of the country or territory and the said failure has been intimated to such constituent entity, the period for submission of the report shall be six months from the end of the month in which said systemic failure has been intimated.”.
[F. No. 370142/17/2018-TPL]
Under Secy. (Tax Policy and Legislation)
Note : The principal rules were published in the Gazette of India, Extraordinary, Part-II, Section-3, Subsection (ii) vide number S.O. 969(E), dated the 26th March, 1962 and were last amended vide notification number S.O. 6054(E) dated 6th December, 2018.
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