New Forms 56 to 60 Under the Income-tax Act, 2025

Introduction

The Government of India has introduced new reporting forms under the Income-tax Act, 2025 for multinational enterprise groups. Effective from 1 April 2026, these forms simplify Master File and Country-by-Country Reporting (CbCR) compliance and align India’s tax system with global reporting standards.

What Has Changed?

The new framework replaces earlier forms used under the Income-tax Act, 1961. Forms 56 and 57 now cover Master File reporting, while Forms 58, 59, and 60 relate to Country-by-Country Reporting obligations for multinational groups.

Form 56 – Master File Reporting

Form 56 applies to constituent entities of international groups crossing specified thresholds. Generally, the requirement applies where consolidated group revenue exceeds ₹500 crore and international transactions exceed prescribed limits. The form focuses on providing detailed information about the group’s global business structure and transfer pricing policies.

Form 57 – Designated Constituent Entity

Form 57 is an intimation form used when one Indian constituent entity is designated to file Master File information on behalf of other Indian entities within the same international group. It must be filed before the due date of Form 56.

Form 58 – CbCR Intimation

Form 58 is used to inform the tax authorities about the parent entity or alternate reporting entity responsible for filing the Country-by-Country Report. This form mainly applies when the parent entity is located outside India.

Form 59 – Country-by-Country Report

Form 59 is the actual Country-by-Country Reporting form. It applies where the consolidated revenue of the multinational group exceeds ₹6,400 crore. The form contains jurisdiction-wise information relating to revenue, taxes paid, employees, assets, and business activities.

Form 60 – Designation of Single Indian Entity

Where multiple constituent entities exist in India, Form 60 allows the group to designate one Indian entity for CbCR filing purposes. This helps streamline compliance and avoid duplicate reporting.

Why These Forms Matter

The new forms improve transfer pricing transparency, support global tax compliance under BEPS standards, and promote structured digital reporting. They also help tax authorities identify potential profit-shifting risks more effectively.

Conclusion

The introduction of Forms 56 to 60 represents a major update in India’s international tax reporting framework. These changes mainly affect large multinational enterprises and are intended to simplify compliance while strengthening transparency. Companies falling within the reporting thresholds should begin preparing early to ensure smooth compliance from 1 April 2026 onwards.