Audit requirement for a foreign company?

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)
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

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

142(1) may be sent to those not resident in India, but very unusual that the agent is not served the notice..

Probably because the firm is now resident..

 

Usual procedures to follow for 142(1) as applicable to resident...mutatis mutandis

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