Taxation on foreign company owned by resident indian
This query is : Resolved
09 November 2017
If a company/entity in USA is 100% owned by resident Indians .is there a tax liability of the company/entity in India
09 November 2017
yes.
The taxability is the function of residential status of the company. AND
residential status of the company is the one as that of the majority of the controlling management's residential status.
In short....the answer is yes, it is taxable in India since the company is resident and ordinarily resident in India
The taxability is the function of residential status of the company. AND
residential status of the company is the one as that of the majority of the controlling management's residential status.
In short....the answer is yes, it is taxable in India since the company is resident and ordinarily resident in India
09 November 2017
Yes it's taxable in both the countries but relief can be claimed for the tax paid out side India.
https://www.livemint.com/Politics/oZybP5TfOG1meFoob5Jf7I/Tax-residency-tweak-may-hit-Indian-firms-with-overseas-opera.html
https://www.livemint.com/Politics/oZybP5TfOG1meFoob5Jf7I/Tax-residency-tweak-may-hit-Indian-firms-with-overseas-opera.html
10 November 2017
According to https://flagtheory.com/companies-incorporated-outside-india/ it is not applicable to overseas entity with turnover less than 50 CR.Can you confirm.
10 November 2017
According to https://flagtheory.com/companies-incorporated-outside-india/ it is not applicable to overseas entity with turnover less than 50 CR.Can you confirm.
10 November 2017
Yes agreed with you.
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