Conversion of an Indian branch of Foreign Company into subsidiary Indian company.

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..... an Indian branch of Foreign Company into subsidiary Indian company. 115JG. (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 accordance with the scheme framed by the Reserve Bank of Ind .....

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..... conditions specified in the scheme or in the notification issued under sub-section (1), all the provisions of this Act shall apply to the foreign company and the said Indian subsidiary company without any benefit, exemption or relief under sub-section (1). (3) Where, in a previous year, any benefit, exemption or relief has been claimed and granted to the foreign company or the Indian subsidiar .....

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..... e. (4) Every notification issued under this section shall be laid before each House of Parliament; ------------------------------------- Notes:- 1. Inserted vide Finance Act, 2012, w.e.f. 01-04-2013 - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxman .....

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