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Audit requirement for a foreign company?

ITR 1709 views 3 replies

Cherry Bansal

Practicing Chartered Accountant

80 Points Joined December 2010

Dear Collegues,

I need to file the ITR of a foreign company who has derived royalty income from India and its gross receipts exceeds 60,00,000/-

do it needs to get the tax audit done for its income in India or not?

if yes , please share the procedure?

I oblige your reply.

Thanks

Replies (3)

Surendra Agarwal

MANAGER FINANCE AND BUSINESS PLANNIN

289 Points Joined February 2009

If such forign company does not have p.e. In india then it need not to file returen n if it is covered u/s 44da then it will have to maintain accounts as per 44aa n get then audited u/s 44 ab

Cherry Bansal

Practicing Chartered Accountant

80 Points Joined December 2010

Thanks for the reply!

But the foreign company got the notice u/s 142(1) for filling the return of Income for A/Y 2008-09. at that time the company was not having any PE or fixed place of business in India.

TDS has been deducted by the payer correctly on all payments.

What would be the status in this case?

Thanks