Respected Members,
Please don let me know whether the foreign company is require to maintain books of accounts under Income Tax Act,1961 if the company has income from other sources and no business income in India? Moreover, the Foreign company has no liason office and P.E. in India.
Dear ma'am,
As per the provisions of section 44 AA of the income tax act, 1961 every person carrying on business & profession is required to mantain books of accounts, hence foreign company having income only from other sources is not required to mantain its books of accounts.
Can u pls. mention any relevant provision of the Act wherein the same is mentioned?
Arpan Bohra & Co
Hyderabad
CA Inter
View Details
HKC | Chartered Accountants & Business Advisors
Ludhiana
CA
View Details
Shyam S Gupta and Company
New Delhi
CA Inter
View Details
CCI
Pro
CAclubindia
