Changes in CbC Reporting and Master File by Income-tax (9th Amendment) Rules, 2021

CBDT Issued the Notification to the Income-tax Rules 2021 named as Income-tax (9th Amendment) Rules, 2021 in relation to section 92D and section 286 read with section 295 of the Income-tax Act.

Major changes by notification as follow –

• For the word “Commissioner”, the word “Director” shall be substituted.
• For the words “constituent entities resident in India of an international group” the words, brackets and figure “constituent entities of an international group required to file the information and document under sub-rule (2),” shall be substituted.
• The income-tax authority for the purposes of section 286 shall be the Joint Director as may be designated by the Principal Director General of Income-tax (Systems) or the Director General of Income-tax (Systems), as the case may be. (Sub-Rule shall be Substituted).
• For the words “five thousand five hundred” the words “six thousand four hundred” shall be substituted.
• For the Form No. 3CEAB, in the heading, the words “, resident in India,” shall be omitted.

Click on Link for detail Notification - Link