18 November 2010
A PVT. LIMITED COMPANY REGISTERED IN INDIA HAS TRANSFERED ITS 99% SHARES TO FOREIGN COMPANY AND WHOLLY MANAGED BY FOREIGHN COMPANY THEREFORE MY QUERY IS REGARDING THE ABOVE COMPANY IS : 1. WHAT WILL BE RESIDENCE STATUS OF THE ABOVE COMPANY 2.IS THE SAID COMPANY REQUIRE TO FILE ITS ROC RETURN 3. THE INCOME OF THE SAID COMPANY EARN IN INDIA IS TAXABLE IN INDIA AND ITS REQUIRE TO FILE INCOME TAX RETURN IN INDIA YOU ARE REQUESTED TO KINDLY GIVE US THE ANSWER OF THE ABOVE QUERY AT THE EARLIEST IT IS VERY VERY URGENT
19 November 2010
Dear Mr. Singh as per my understanding 1) since your company is registered in India It will remain an Indian Co. and by transferring its share, its status will not changed. 2)Yes, ROC returns to be filed as per Companies Act, 1956, and also you need to comply with FEMA. 3) Yes, Income of the Company is Taxable in India and IT return to be filed in India.
CAclubindia
