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of <h1>India Sets 10% Presumptive Profit Rate for Foreign Telecasting Companies; 55% Tax Rate Applicable Until March 1998.</h1> The circular provides guidelines for the taxation of foreign telecasting companies operating in India, particularly those without a branch office or country-specific accounts. It prescribes a presumptive profit rate of 10% of gross receipts, excluding commissions retained by advertising and Indian agents, for tax computation. The income is subject to a 55% tax rate. The guidelines apply to all pending cases until March 31, 1998, and encourage voluntary tax payment within 30 days to avoid penalties. These measures aim to standardize the assessment process for foreign telecasting companies in India.
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