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New Delhi [India], Mar 20 : With Central Board of Direct Taxes(CBDT) notifying rules for furnishing "Country-by-Country Report" (CbC) specifying information pertaining to all large multinational enterprises (MNEs), the Finance Ministry on Thursday said that Joint Director of Income-tax (Risk Assessment)-1 has been designated as the Income-tax Authority before whom particulars of the parent entity and alternate reporting entity would be notified.A ministry release said that the Orgsation for Economic Cooperation and Development (OECD) had developed an Action Plan called "Base Erosion and Profit Shifting (BEPS) Action Plan 13" to ensure that a multinational enterprise would report its profit correctly where it is earned.Under BEPS Action Plan 13, all large multinational enterprises (MNEs) are required to prepare a CbC report with aggregate data on the global allocation of income, profit, taxes paid and economic activity among tax jurisdictions in which they operate.In essence, CbC Report is an annual return that breaks down key elements of the financial statements by jurisdiction.A CbC report provides local tax authorities visibility to revenue, income, tax paid and accrued, employment, capital, retained earnings, tangible assets and activities of the concerned MNE.This CbC report is used as a corroborating material by Income-tax Authorities in carrying out a revenue risk assessment.As per corresponding provisions of Indian Income Tax laws, every MNE group which has a constituent entity resident in India is mandated to notify its parent entity and alternate reporting entity and the countries where such entities are resident.Such parent entity or alternate reporting entity is required to furnish a report called Country-by-Country Report specifying certain information including the aggregate information in respect of the amount of revenue, profit or loss before income-tax, amount of income-tax paid, amount of income-tax accrued, stated capital, accumulated earnings, number of employees and tangible assets not being cash or cash equivalents with regard to each country or territory in which the group operates.It is also required to furnish the details of each constituent entity of the group including the country or territory in which such constituent entity is incorporated or orgsed or established and the country or territory where it is resident.The nature and details of the main business activity or activities of each constituent entity is also to be furnished.Central Board of Direct Taxes(CBDT) had notified rules for the purpose and the income tax authority for the purpose shall be the Joint Commissioner as may be designated by the Director General of Income tax (Risk Assessment)."In view of the above amendment and in exercise of the powers conferred by Section 286 of the Act, the Director General of Income Tax (Risk Assessment) has designated the Joint Director of Income Tax (Risk Assessment)-1 as the Income Tax Authority for the purpose of section 286 of the Act, with effect from April 1, 2020," the release said.( With inputs from ANI )

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