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of <h1>Public Accounts Committee Urges Action on Tax Avoidance by Firms Using Foreign Branches to Reduce Taxable Income.</h1> The Public Accounts Committee highlighted a case of tax avoidance where an assessee firm reduced its taxable income in India by establishing a foreign branch treated as a separate entity. The Committee recommended examining such cases and closing any legal loopholes. Commissioners of Income-tax were instructed to report similar cases, but none were found. The Reserve Bank of India handles applications for opening foreign branches, requiring profit repatriation to India. Post-1973, government approval is needed for setting up subsidiaries abroad. Information on foreign branches or subsidiaries is to be shared with tax authorities to prevent income escapement. Reports on detected cases are due by June 30, 1977.
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