<h1>India's Draft Rules for Foreign Companies Under PoEM: Tax Provisions, Depreciation, and Loss Handling Explained.</h1> The Indian government has issued a draft notification regarding foreign companies deemed residents due to their Place of Effective Management (PoEM) in India under Section 115JH of the Income-tax Act, 1961. The notification outlines exceptions, modifications, and adaptations for applying tax provisions to such companies, including rules for computing income, handling unabsorbed depreciation, and setting off losses. It specifies how to treat depreciable assets and losses based on whether the company is taxed in its home jurisdiction. The notification also details accounting requirements and tax relief entitlements. Stakeholders are invited to submit comments by June 23, 2017.