Section 285A of Income Tax Act for AY 2023-24

Section 285A of Income Tax Act 1961 amended by Finance Act and Income-tax Rules, 1962. Furnishing of info or documents by an Indian concern.

Amended and updated notes on section 285A of Income Tax Act 1961 as amended by the Finance Act 2022 and Income-tax Rules, 1962. Detail discussion on provisions and rules related to Furnishing of information or documents by an Indian concern in certain cases.

Chapter XXIII (Sections 281 to 298) of the Income Tax Act 1961 deals with the provisions related to Miscellaneous. Section 285A of IT Act 1961 provides for Furnishing of information or documents by an Indian concern in certain cases.

Recently, we have discussed in detail section 285 (submission of statement by a non-resident having liaison office) of IT Act 1961. Today, we learn the provisions of section 285A of Income-tax Act 1961. The amended provision of section 285A is effective for financial year 2022-23 relevant to the assessment year 2023-24.

In this article, you will learn detail of the provisions of section 285A of the Income Tax Act, 1961 Bare Act read with the Income-tax Rules, 1962 as provided by Ministry of Law and Justice, Government of India.

Section-285A: Furnishing of information or documents by an Indian concern in certain cases

Where any share of, or interest in, a company or an entity registered or incorporated outside India derives, directly or indirectly, its value substantially from the assets located in India, as referred to in Explanation 5 to clause (i) of sub-section (1) of section 9, and such company or, as the case may be, entity, holds, directly or indirectly, such assets in India through, or in, an Indian concern, then, such Indian concern shall, for the purposes of determination of any income accruing or arising in India under clause (i) of sub-section (1) of section 9, furnish within the prescribed period to the prescribed income-tax authority the information or documents, in such manner, as may be prescribed.


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