Residential status of a branch

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Bhavya Haria

Bhavya Haria (Querist)
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27 August 2012 What is the residential Status of an Indian Branch of a Foreign Bank under Income Tax?

S Sivasalapathy

S Sivasalapathy (Expert)
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27 August 2012 U/S 6 of IT act,A company is said to be resident in India in any previous year, if—

(i) it is an Indian company ; or

(ii) during that year, the control and management60 of its affairs60 is situated wholly in India.

Bhavya Haria

Bhavya Haria (Querist)
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29 August 2012 A. It is an Indian Company

Ans : A branch shall not be an Indian Company

B. Control and Management

Ans : The management and affairs shall be wholly controlled from outside India.

Conclusion : Non-Resident.

Am I Correct on the analysis ?