These are the latest notifications issued by CBDT on Income Tax which have been published recently. The notifications are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.
S.O. 6053(E).— In exercise of the powers conferred by sub-section (1) of section 115JG of the Income-tax Act, 1961 (43 of 1961)(hereinafter referred to as the Act), the Central Government hereby notifies that,─
(i) where a foreign company engaged in the business of banking in India through its branch situate in India (hereinafter referred to as the Indian Branch) converts Indian branch into its subsidiary company (hereinafter referred to as the Indian subsidiary company) as referred to in sub-section (1) of section 115JG of the Act, the provisions of clause (i) and clause (ii) of sub-section (1) of