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Residential Status of Indian Company and Foreign Company Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Residential Status of Indian Company and Foreign Company Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is the residential status of an Indian company for tax purposes? |  |
Ans. The residential status of an Indian company for tax purposes is determined based on its place of incorporation and management control. If a company is incorporated in India or its management and control is wholly situated in India, it is considered a resident Indian company for tax purposes.
| 2. How is the residential status of a foreign company determined for taxation in India? | |
Ans. The residential status of a foreign company for taxation in India is determined based on its place of incorporation and control and management. If a foreign company is incorporated outside India but its control and management are wholly situated in India, it is treated as a resident foreign company for tax purposes.
| 3. What are the tax implications for a resident Indian company? | |
Ans. A resident Indian company is taxed on its global income, which includes income earned both in India and abroad. It is subject to a flat corporate tax rate and may also be liable to pay additional surcharges and cess as per the prevailing tax laws in India.
| 4. How is the income of a non-resident foreign company taxed in India? | |
Ans. A non-resident foreign company is taxed in India only on income earned or received in India or deemed to be earned or received in India. The tax rates applicable to a non-resident foreign company are generally higher than those for resident Indian companies. They are subject to withholding tax on certain types of income, such as dividends, interest, royalties, etc.
| 5. Can a foreign company claim tax benefits under the Double Taxation Avoidance Agreements (DTAAs) in India? | |
Ans. Yes, a foreign company can claim tax benefits under the Double Taxation Avoidance Agreements (DTAAs) if India has entered into such an agreement with the country of incorporation of the foreign company. These agreements provide relief from double taxation by allowing for tax credits, exemptions, or reduced tax rates on certain types of income. However, the foreign company must fulfill certain conditions and comply with the provisions of the respective DTAA to avail these benefits.
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Nov 16, 2024 Last updated |
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