Incorporation of Accounts of Branch
This query is : Resolved
30 August 2010
Fact of Case:
Our company has the Branches at Brazil,Thialand etc.The books of Accounts of the branches where audited and taxses are paid in respective company(i.e Brazil,Thailand).
Query:
How do i incorporate the account for those branches?
Whether line to line incorporation of ledger balance is necessary or only profit of branches can be in corporated?
Our company has the Branches at Brazil,Thialand etc.The books of Accounts of the branches where audited and taxses are paid in respective company(i.e Brazil,Thailand).
Query:
How do i incorporate the account for those branches?
Whether line to line incorporation of ledger balance is necessary or only profit of branches can be in corporated?
31 August 2010
Are these branches seperate legal entities? I mean limited companies in individual countries?
01 September 2010
In individual countries these are registered under local law as branch of indian company..
01 September 2010
If they are branches, then they are integral part of the company itself and line to line incorporaton is necessary.
Hope your query is solved.
Hope your query is solved.
08 September 2010
Thanks,
On more thing-
The branch has paid Income tax as per local law of foreign countries.whether the income earned by branch will taxable in India? If yes how the tax will be workout considering Advance Tax,Tds paid in foreign countries.
On more thing-
The branch has paid Income tax as per local law of foreign countries.whether the income earned by branch will taxable in India? If yes how the tax will be workout considering Advance Tax,Tds paid in foreign countries.
08 September 2010
I am not very clear on this and unable to advise. I suggest you post this in the tax section.
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