Hi every body.
Can any one clarified the tax treament of foreign branch losses in the books of HO in India, whether it is allowed to set off against the profit of HO in india or not.
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Tax treatment of foreign branch losses
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The transactions of the foreign books will get merged in the books of the HO in India. The assets/liabilities etc.. will be converted into INR as per the treatment adopted in AS-11.
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