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Insertion of new Chapter XII-BC- Foreign company said to be resident in India

Clause 54 - Bills - DIRECT TAXES - Bill - Clause 54 - Insertion of new Chapter XII-BC. 54. After Chapter XII-BB of the Income-tax Act, the following Chapter shall be inserted with effect from the 1st day of April, 2017, namely:- CHAPTER XII-BC SPECIA .....

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in India in any of the previous years preceding the said previous year, then, notwithstanding anything contained in this Act and subject to the conditions as may be notified by the Central Government in this behalf, the provisions of this Act relatin .....

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d adaptations as may be specified in that notification for the said previous year: Provided that where the determination regarding foreign company to be resident in India has been made in the assessment proceedings relevant to any previous year, then .....

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ch assessment proceeding is completed. (2) Where, in a previous year, any benefit, exemption or relief has been claimed and granted to the foreign company in accordance with the provisions of sub-section (1), and, subsequently, there is failure to co .....

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in this Act, re-compute the total income of the assessee for the said previous year and make the necessary amendment as if the exceptions, modifications and adaptations referred to in sub-section (1) did not apply; and (iii) the provisions of section .....

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kes place. (3) Every notification issued under this section shall be laid before each House of Parliament. . Clause 54 of the Bill seeks to insert a new Chapter XII-BC in the Income-tax Act on special provisions relating to foreign company said to be .....

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n, the provisions of the Income-tax Act relating to computation of total income, treatment of unabsorbed depreciation, set off or carry forward and set off of losses, special provisions relating to avoidance of tax and the collection and recovery sha .....

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g residence of foreign company has been done in the assessment proceedings relevant to any previous year, then, the provisions of the proposed new Chapter shall also apply in respect of previous years succeeding the relevant previous year which ends .....

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