Residential status of a branch
This query is : Open
27 August 2012
What is the residential Status of an Indian Branch of a Foreign Bank under Income Tax?
27 August 2012
U/S 6 of IT act,A company is said to be resident in India in any previous year, if—
(i) it is an Indian company ; or
(ii) during that year, the control and management60 of its affairs60 is situated wholly in India.
(i) it is an Indian company ; or
(ii) during that year, the control and management60 of its affairs60 is situated wholly in India.
29 August 2012
A. It is an Indian Company
Ans : A branch shall not be an Indian Company
B. Control and Management
Ans : The management and affairs shall be wholly controlled from outside India.
Conclusion : Non-Resident.
Am I Correct on the analysis ?
Ans : A branch shall not be an Indian Company
B. Control and Management
Ans : The management and affairs shall be wholly controlled from outside India.
Conclusion : Non-Resident.
Am I Correct on the analysis ?
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