MCA:
MCA has released the much awaited circular on Relaxation of additional fee and extension of last date of filing of AOC-4 and AOC-4 (XBRLnon-IndAS) under the Companies Act, 2013. The MCA has already extended the date of filing of AOC-4 (XBRL E-forms using Ind AS) for the financial Year 2016-2017 without additional fee till 31.03.2018. MCA has granted extension of time for filing of financial statements for the financial year ended 31.03.2017 in e-forms AOC-4 and AOC 4 (XBVRL non –IndAS) and the corresponding AOC-4 CFC e-forms upto 28.11.2017 without levying additional fee.
CBDT:
As Section 286 of the Income-tax Act, 1961 (‘the Act’) requires for furnishing of a Country-by-Country report (CbCR) in respect of an international group by its constituent or parent entity. The ‘due date’ for furnishing the Country-by-Country Report is the date specified under section 139(1) for furnishing the return of income for the relevant accounting year. FY 2016-17 will be the first reporting year for furnishing of CbCR. As the rules for furnishing of CbCR are also still under consideration. The Central Board of Direct Taxes, in respect of all assessees, has extended the ‘due date’prescribed therein for furnishing of report in respect of international group for reporting accounting year 2016-17 to 31st March, 2018.
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