Income attribution to assets located in India: certified accountant computation and disclosure required for share transfers. The document prescribes Form No. 3CT, an accountant's certificate under the Income-tax Act requiring examination of the transferor's records and a certified computation of income deemed to accrue in India on transfer of shares or interests in foreign entities. It mandates company/entity-wise disclosure of consideration, cost, transfer date, income on transfer, values of Indian and global assets from which value is derived, the method of valuation, supporting documents, assumptions, and reasons for any negative or qualified responses.
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Income attribution to assets located in India: certified accountant computation and disclosure required for share transfers.
The document prescribes Form No. 3CT, an accountant's certificate under the Income-tax Act requiring examination of the transferor's records and a certified computation of income deemed to accrue in India on transfer of shares or interests in foreign entities. It mandates company/entity-wise disclosure of consideration, cost, transfer date, income on transfer, values of Indian and global assets from which value is derived, the method of valuation, supporting documents, assumptions, and reasons for any negative or qualified responses.
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