TaxTMI 
TaxTMI 
Conversion of An Indian Branch of Foreign Company into Subsidiary India Company - Section 115JG
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....ituated in India and such branch is converted into a subsidiary company thereof, being an Indian company (hereafter referred to as an Indian subsidiary company) in accordance with the scheme framed by the Reserve Bank of India, then, notwithstanding anything contained in the Act and subject to the conditions as may be notified by the Central Government in this behalf, - * the capital gains arisi....
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....etermining the value of the assets. * Foreign bank & nominees should hold 100% of share capital of Indian subsidiary till the end of the year of conversion & at least 51% of the voting power of Indian subsidiary for a period of next 5 PY's. * Foreign company does not receive any consideration or benefit other than by way of allotment of shares in the Indian subsidiary. The provisions relating....
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....n of actual cost u/s 43(1) The actual cost of the block of assets in case of the Indian subsidiary company shall be the written down value of the block of assets as in the case of the Indian branch on the date of its conversion into the Indian subsidiary company. Cost of acquisition of other capital assets COA of assets acquired by Indian Subsidiary in amalgamation = COA of Indian Branch MAT C....
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....eign company and the said Indian subsidiary company without any benefit, exemption or relief under u/s 115JG(1). Consequence if there is a failure to comply any condition in any subsequent year : Where , in a previous year ,any benefit ,exemption or relief has been claimed and granted to the foreign company or the Indian subsidiary company in accordance with the provision of section 115JG(1) and....