TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Conversion of foreign bank branch to Indian subsidiary: capital gains exempt if conditions notified; non-compliance voids reliefs</h1> Where a foreign company's Indian banking branch is converted into a subsidiary Indian company under a Reserve Bank scheme, capital gains from the conversion are exempt in the year of conversion and specified provisions on unabsorbed depreciation, tax credit and income computation shall apply as modified by Central Government notification; compliance with notified conditions is required. Non-compliance voids the reliefs and brings the full Act into effect for both entities; any granted benefit is treated as wrongly allowed, the assessing officer may re-compute income and amend assessments with procedural provisions and the four-year reopening period running from the year of failure. Notifications must be laid before Parliament.
TaxTMI 
TaxTMI 
