CBDT issues final
notification u/s. 115JH specifying tax consequences in respect of foreign
company treated as resident in India on account of its place of effective
management (POEM) being in India; The final notification maintains 40%
tax-rate in case of foreign company post POEM application; Likewise, while
final notification also allows foreign tax credit (‘FTC’) relief u/s. 90/91, it
additionally clarifies on FTC allowability where income on which foreign
tax has been paid or deducted, is offered to tax in more than one year; With
respect to compliance to TDS provisions (under Chapter XVII-B of the Act), the
final notification prescribes that the provisions applicable to the
foreign company alone shall apply where more than one provision of Chapter XVII-B
apply to the foreign company as resident as well as foreign company; In this
regard, final notification additionally clarifies that “compliance
to those provisions of Chapter XVII-B as are applicable to the foreign company
prior to its becoming Indian resident shall be considered sufficient compliance
to the provisions of said Chapter.”; Similarly, final notification
amends the ‘modification / adaptation’ condition with respect to
opening WDV of asset, brought forward losses and unabsorbed depreciation.
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