124. Furnishing of report in respect of an international group under section 511.—

(1) The income-tax authority for the purposes of section 511 shall be the Joint Director, as may be designated by the Director General of Income - tax (Systems).

(2) The notification under section 511(1) shall be made in Form No. 58 two months prior to the due date for furnishing of report as specified under sub-section (2) of the said section.

(3) Every parent entity or the alternate reporting entity, as the case may be, resident in India, shall, for every reporting accounting year, furnish the report referred to in section 511(2) in Form No. 59.

(4) The period for furnishing of the report under section 511(4) by the constituent entity, referred to in that sub-section shall be twelve months from the end of the reporting accounting year.

(5) 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.

(6) The information required to be conveyed under section 511(5) regarding the designated constituent entity shall be furnished in Form No. 60.

(7) For the purposes of section 511(8), the total consolidated group revenue of the international group shall be six thousand four hundred crore rupees.

(8) Where the total consolidated group revenue of the international group, as reflected in the consolidated financial statement, is in foreign currency, the rate of exchange for the calculation of the value in rupees of such total consolidated group revenue shall be the telegraphic transfer buying rate of such currency on the last day of the accounting year preceding the accounting year.

(9) Any revision or correction in the report furnished in the Form No. 59 shall be made by furnishing an intimation to the Director General of Income-tax (Systems).

(10) For the purposes of this rule, —

(a) the expressions "accounting year", "consolidated financial statement" and "international group" shall have the meanings respectively assigned to them in section 511(10); and

(b) "telegraphic transfer buying rate" shall have the meaning assigned in rule 207.