30 June 2012
Dear Sir, Pl clarify the following doubt i.e. A company having its registered office in India.But majority of the shares held by the foreign company.Further its status/category also subsidiary of foreign company in MCA Records.Now I wish to clarify that,at what rate of tax applicable under IT Act for this type of companies? i.e. Whether 30% or 40%? Regards, S.Jegadeesan
02 July 2012
An Indian Company if registered under Companies Act and shall be called Domestic Company.
“domestic company” means an Indian company, or any other company which, in respect of its income liable to tax under this Act, has made the prescribed arrangements for the declaration and payment, within India, of the dividends (including dividends on preference shares) payable out of such income ;]
CAclubindia
