Section 55 of Finance Act 2018 : Amendment of section 286 Income Tax Act

By | April 1, 2018
(Last Updated On: April 16, 2018)

Section 55 of Finance Act 2018

[Section 55 of Finance Act 2018 deals with Amendment of section 286. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 286.

55. In section 286 of the Income-tax Act,—

(a)in sub-section (2), for the words, brackets and figures “on or before the due date specified under sub-section (1) of section 139, for furnishing the return of income for the relevant accounting year”, the words “within a period of twelve months from the end of the said reporting accounting year” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(b)in sub-section (3), after the word, brackets and figure “sub-section (2)”, the words, brackets and figure “and sub-section (4)” shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017;
(c)in sub-section (4),—
(i)after the words “reporting accounting year”, the words “within the period as may be prescribed” shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017;
(ii)clause (a) shall be relettered as clause (aa) thereof and before clause (aa) as so relettered, the following clause shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2017, namely:—
“(a)where the parent entity is not obligated to file the report of the nature referred to in sub-section (2);”;
(d)in sub-section (5),—
(i)in the opening portion, for the words “in the said sub-section”, the words “by that country or territory” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(ii)in clause (e), for the word “entities”, the word “entity” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(e)in sub-section (9),—
(A)for clause (b), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017, namely:—
‘(b)“agreement” means a combination of all of the following agreements, namely:—
(i)an agreement entered into under sub-section (1) of section 90 or sub-section (1) of section 90A; and
(ii)an agreement for exchange of the report referred to in sub-section (2) and notified by the Central Government;’;
(B)in clause (d), in sub-clause (iii), for the words, brackets and figures “clause (i) or clause (ii)”, the words, brackets and figures “sub-clause (i) or sub-clause (ii)” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(C)in clause (h), in the long line, for the words, brackets and figures “clause (i) or clause (ii)”, the words, brackets and figures “sub-clause (i) or sub-clause (ii)” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017;
(D)in clause (j), for the word, brackets and figure “sub-section (2)”, the words, brackets and figures “sub-sections (2) and (4)” shall be substituted and shall be deemed to have been substituted with effect from the 1st day of April, 2017.

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