The Central Board of Direct Taxes (CBDT) on Tuesday extended the deadline for US companies operating in India to submit their global revenue and profit details by three months. The tax regulator postponed the deadline from December 31 to end of March.
The extension may come as a relief for companies such as Facebook, Google, Microsoft and IBM as they would have been required to submit these details for their Indian subsidiaries, under the Base Erosion and Profit Shifting (BEPS) framework.
BEPS is an internationally accepted framework adopted by the Organisation for Economic Cooperation and Development (OECD) to prevent tax evasion. Most major economies, except the US, are signatories to the BEPS framework wherein multinationals are required to furnish details of their global operations in each country.