(5)Nothing contained in sub-section (4) shall apply, if, an alternate reporting entity of the international group has furnished a report of the nature referred to in sub-section (2), with the tax authority of the country or territory in which such entity is resident, on or before the date specified [by that country or territory] [Substituted 'in the said sub-section' by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.] and the following conditions are satisfied, namely: -(a)the report is required to be furnished under the law for the time being in force in the said country or territory;(b)the said country or territory has entered into an agreement with India providing for exchange of the said report;(c)the prescribed authority has not conveyed any systemic failure in respect of the said country or territory to any constituent entity of the group that is resident in India;(d)the said country or territory has been informed in writing by the constituent entity that it is the alternate reporting entity on behalf of the international group; and(e)the prescribed authority has been informed by the [entity] [Substituted 'entities' by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.] referred to in sub-section (4) in accordance with sub-section (1).
