(4)A constituent entity of an international group, resident in India, other than the entity referred to in sub-section (2), shall furnish the report referred to in the said sub-section, in respect of the international group for a reporting accounting year [within the period as may be prescribed] [Inserted by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.], if the parent entity is resident of a country or territory, -(a)[ where the parent entity is not obligated to file the report of the nature referred to in sub-section (2);] [Inserted by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.](aa)[] [Relettered by Finance Act, 2018 (Act No. 13 of 2018), dated 29.3.2018.] with which India does not have an agreement providing for exchange of the report of the nature referred to in sub-section (2); or(b)there has been a systemic failure of the country or territory and the said failure has been intimated by the prescribed authority to such constituent entity:Provided that where there are more than one such constituent entities of the group, resident in India, the report shall be furnished by any one constituent entity, if, -(a)the international group has designated such entity to furnish the report in accordance with the provisions of sub-section (2) on behalf of all the constituent entities resident in India; and(b)the information has been conveyed in writing on behalf of the group to the prescribed authority.
