Is a liaison Office in India required to reinstate its monetary aaasets and liabilities as per As-11. This is in respect of a liaison office for the year ended Dec-07 accounts.
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Applicability of AS 11 to Liaison Office
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Mr Baxi
Since Liasion office is not permitted to earn any income through commercial activity , it is not consitute the taxable entity in India , but has to comply withholding obligations as per domestic law its return is also filed with RBI ,
As all expenses are met with remittances received from abroad , liasion office is not subject to tax in India
Thus AS 11 is not mandatory but recommendatory to depict true and fair view of accounts
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