Income-tax Rules, 2026 | Rule 124 of 333

Rule 124 - Furnishing of report in respect of an international group

Reviewed by CA Nikhil Gupta · Last reviewed 29 August 2026

Local extract available Legacy mapping: 10DB

124Rule number

2359Local text characters

3Linked Forms

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Source and status control

Primary authority: Notification No. 22/2026 / G.S.R. 198(E)

Currentness control: Base Rules effective 1 April 2026. Check later amendments, corrigenda and portal implementation before action.

Local statutory extract - official source controls

Rule text held in the production corpus

Furnishing of report in respect of an international group under section 511. 124. (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 the 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 the 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 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 meaning respectively assigned to them in section 511(10); and (b) "telegraphic transfer buying rate" shall have the meaning assigned in rule 207.

Local extract SHA-256: 83eb1e470c3cfd54dc1c7051033fe5e849b9702788f5358be75a7a742dfa6bba. This hash authenticates the local extract only; it does not certify that every amendment, table or Gazette footnote has been consolidated.

Rule map

Related sections

Use the title and official text to identify the governing section; no local section reference is asserted.

Related Forms

Form 58 Form 59 Form 60

Finin2min implementation framework

Trigger and scope

Determine whether the facts fall within the Rule heading and linked section. Verify commencement and the tax year involved.

Evidence and control

Preserve the return, statement, report, certificate, computation, source records and acknowledgement relevant to this Rule.

Consequence

Non-compliance may affect computation, exemption, deduction, procedural validity, reporting, recovery, appeal or penalty depending on the governing section.

Transaction application

Identify the actor, event date, governing tax year or reporting period, authority, document version and every cumulative condition. Record why each limb is satisfied, disputed or not applicable.

Authority, consent and execution

Confirm legal capacity, authorised signatory, digital-signature requirements, professional certification and portal credentials before filing or relying on the document.

Evidence and retention checklist

Retain source data, approvals, computations, correspondence, filing acknowledgement, payment record, amended filing history and the version of the governing instrument used.

Limitation, forum and remedies

Do not assume a general limitation period. Check the specific Act, Rule, notification, portal window, condonation power, appeal route and judicial treatment applicable to the event date.

Cross-law overlays

Check the Income-tax Act, 2025, transition rules, relevant Schedule, tax treaty, Companies Act, GST, FEMA and accounting treatment where the transaction crosses regimes.

Finin2min Q&A

Is this page the notified Rule?

It contains a local statutory extract, but the linked official source and later amendments control.

What should be verified immediately before use?

Effective date, amendment history, forms or utilities, filing channel, authentication method, due date, fees, transition from the 1962 Rules and any judicial interpretation.

Source and review trail

Use the current official instrument, portal or regulator publication before acting. This panel separates the category authority from page-specific references.

Official starting point: www.incometaxindia.gov.in

Page source links

Notification No. 22/2026 / G.S.R. 198(E)