Foreign company said to be resident in India (1) Where a foreign company is said to be resident in India in any previous year and such foreign company has not been resident in India in any of the previous years preceding the said previous year, then, notwithstanding anything contained in this Act and subject to […]

Conversion of an Indian branch of foreign company into subsidiary Indian company (1) Where a foreign company is engaged in the business of banking in India through its branch situate 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

Interpretation in this Chapter In this Chapter—  (a) “accountant” shall have the same meaning as in the Explanation below sub-section (2) of section 288;  (b) “alternate minimum tax” means the amount of tax computed on adjusted total income,— 95[(i) in case of an assessee being a unit referred to in clause (i) of sub-section (4) of section 115JC, at the

Application of this Chapter to certain persons 1) The provisions of this Chapter shall apply to a person who has claimed any deduction under—  (a) any section (other than section 80P) included in Chapter VI-A under the heading “C.—Deductions in respect of certain incomes”; or  (b) section 10AA; or  (c) section 35AD. (2) The provisions of this Chapter shall not

Application of other provisions of this Act Save as otherwise provided in this Chapter, all other provisions of this Act shall apply to a person referred to in this Chapter. Practice area’s of B K Goyal & Co LLP Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration |

Tax credit for alternate minimum tax (1) The credit for tax paid by a person under section 115JC shall be allowed to him in accordance with the provisions of this section. (2) The tax credit of an assessment year to be allowed under sub-section (1) shall be the excess of alternate minimum tax paid over the regular

Special provisions relating to certain companies (1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee being a company (other than a company engaged in the business of generation or distribution of electricity), the total income, as computed under this Act in respect of any previous year

Chapter not to apply if the assessee so chooses A non-resident Indian may elect not to be governed by the provisions of this Chapter for any assessment year by furnishing his return of income for that assessment year under section 139 declaring therein that the provisions of this Chapter shall not apply to him for that assessment

Benefit under Chapter to be available in certain cases even after the assessee becomes resident Where a person, who is a non-resident Indian in any previous year, becomes assessable as resident in India in respect of the total income of any subsequent year, he may furnish to the Assessing Officer a declaration in writing along

Return of income not to be filed in certain cases It shall not be necessary for a non-resident Indian to furnish under sub-section (1) of section 139 a return of his income if—  (a) his total income in respect of which he is assessable under this Act during the previous year consisted only of investment income or