Place of Effective Management exempted for lower turnover foreign companies, restricting residential status test applicability. The provision in clause (ii) of sub section (3) of section 6 of the Income tax Act, operative from assessment year 2017 18, shall not apply to a company (other than an Indian company) that has turnover or gross receipts of fifty crores or less in a financial year, thereby exempting lower turnover foreign companies from the POEM based residential status test.