Expl 1 to sec 5 of income tax act 1961

Hi friends and seniors. I want to know the interpretation of Expl 1 to sec 5 of INCOME TAX ACT 1961.Income accruing or arising outside India shall not be deemed to be received in India within the meaning of this section by reason only of the fact that it is taken into account in a balance sheet prepared in India. Whether this expl is for only NR Company Or Indian Co. and the essence of this explanation. Read more at: /Default.asp?
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Originally posted by : SRIKANTH
Hi friends and seniors. I want to know the interpretation of Expl 1 to sec 5 of INCOME TAX ACT 1961.Income accruing or arising outside India shall not be deemed to be received in India within the meaning of this section by reason only of the fact that it is taken into account in a balance sheet prepared in India. Whether this expl is for only NR Company Or Indian Co. and the essence of this explanation.

Read more at: /Default.asp?

 

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