Tax on foreign compnay, Corporate Laws / SEBI / LLP

[MITSUI PRIME]

Dear sir,

I come to know weither our copany in india Register company act 1956 but 75% share held with foreign company, japan

please tell me this company treated under income tax as s foreign company tax will be 40% (50%) ?? or not

Regards

Arjun Sachdeva

 

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

Section 2(23A) of the Income Tax Act, 1961 defines the term 'foreign company' as a company which is not a domestic company i.e., company registered under Companies Act, 1956 or Companies Act, 2013. As such in my opinion your company will not be treated as foreign company.