Domestic-indian
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 June 2014
WHAT IS DIFFERENCE BETWEEN DOMESTIC COMPANY & INDIAN COMPANY
02 June 2014
Domestic Company u/s 2(22A) AS PER INCOME TAX ACT,1961 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.
Indian company u/s 2(26) AS PER INCOME TAX ACT,1961 “Indian company” means a company formed and registered under the Companies Act, 1956 (1 of 1956), and includes- (i) a company formed and registered under any law relating to companies formerly in force in any part of India (other than the State of Jammu and Kashmir and the Union territories specified in sub-clause (iii) of this clause); (ia) a corporation established by or under a Central, State or Provincial Act; (ib) any institution, association or body which is declared by the Board to be a company under clause (17) *** ; (ii) in the case of the State of Jammu and Kashmir, a company formed and registered under any law for the time being in force in that State; (iii) in the case of any of the Union territories of Dadra and Nagar Haveli, Goa, Daman and Diu, and Pondicherry, a company formed and registered under any law for the time being in force in that Union territory. Provided that the registered or, as the case may be, principal office of the company, corporation, institution, association or body in all cases is in India;
Read more at: https://www.caclubindia.com/forum/domestic-company-vs-indian-company-146143.asp#.U4xGT3bLMng
Indian company u/s 2(26) AS PER INCOME TAX ACT,1961 “Indian company” means a company formed and registered under the Companies Act, 1956 (1 of 1956), and includes- (i) a company formed and registered under any law relating to companies formerly in force in any part of India (other than the State of Jammu and Kashmir and the Union territories specified in sub-clause (iii) of this clause); (ia) a corporation established by or under a Central, State or Provincial Act; (ib) any institution, association or body which is declared by the Board to be a company under clause (17) *** ; (ii) in the case of the State of Jammu and Kashmir, a company formed and registered under any law for the time being in force in that State; (iii) in the case of any of the Union territories of Dadra and Nagar Haveli, Goa, Daman and Diu, and Pondicherry, a company formed and registered under any law for the time being in force in that Union territory. Provided that the registered or, as the case may be, principal office of the company, corporation, institution, association or body in all cases is in India;
Read more at: https://www.caclubindia.com/forum/domestic-company-vs-indian-company-146143.asp#.U4xGT3bLMng
02 June 2014
no difference per se. In comparison with Foreign company, the word used is Domestic company. Indian company is the one wich is registered in India under Companies Act
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