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Section 115JG Conversion of An Indian Branch of Foreign Company into Subsidiary India Company (Inserted by Finance Act 2012)

Section 115JG : Conversion of An Indian Branch of Foreign Company into Subsidiary India Company (Inserted by Finance Act 2012) - Income Tax - Computation of Income or Rate of Tax in case of Specified Income or in Specified Type of Assesses (Section 115 series) - 09 - (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 .....

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ion, - set off or carry forward and set off of losses, - MAT credit of the branch of foreign company shall apply to the subsidiary company as they applied to foreign company. (2) In case of failure to comply with any of the 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). Consequence if ther .....

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