13 March 2012
Hi, myself Navjot my question is: If a Pvt. Ltd company registered in foreign country- Singapore & started his branch office in india, do the company has to file income tax in india or not? Do company have to maintain balance sheet & P/L?
14 March 2012
A branch office is required to register itself with the Registrar of Companies and is required to comply with certain procedural formalities prescribed under the Companies Act, 1956. For income tax purposes, a branch office is treated as an extension of the foreign corporation in India and taxed at the rate applicable to foreign companies. Further, transactions between a branch and the foreign corporation are subject to Indian transfer pricing regulations.
14 March 2012
if the same company purchases any machinery in india and export it to his foreign party but not his H.O.? What will be the progess for same. Do the company have to register for IEC.?
15 March 2012
First question the expert is 100% correct and as regards your second question the material fact has to be looked into and the same is are the dealer or trader in the machinery? If yes or no even then you are covered under IEC and you have to procure a code number but subject to certain limitation
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