Company in a foreign country

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

14 January 2011 If a resident of india having its own company outside india being the sole owner but the same not been disclosed by him in india then what are the consequences from the point of view of tax, fema/fera & company act?

CA Shailesh Kumar Bhagat

CA Shailesh Kumar Bhagat (Expert)
Follow

16 January 2011 having a business outside india, query is not clear ?

If the business is outside india, the resident must be bringing the money in india. In that case all the provisions of IT, Fera /fema will apply.

If a person going outside india , and doing business there , will not attract any indian law.

Querist : Anonymous

Querist : Anonymous (Querist)

17 January 2011 Sir, tks for your rply. The person is having his own company outside india but has not disclosed the facts in India to any authority. Secondly, he is having his own company in India also.

CA. Anuj Gupta

CA. Anuj Gupta (Expert)
Follow

19 January 2011 The same is not permitted under FEMA and you may be asked to pay the penalty upto 3 times of money invested in foreign company.

Anuj
9810106211

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Summarize this with AI

ChatGPT Perplexity Claude Google AI Grok