FEATURES OF GUIDELINES Applicable from A.Y 2017-18. Applicable to Companies turnover more than 50 Crores in F.Y (Circular No 8/2017). Concept of POEM is on substance over form. To be analysed on year-on-year basis. Financial data of Pervious 2 years and current year to be considered for determining active business of place. The principal of…

INTERNATIONAL PRACTICE Australian case De Beers consolidated Gold Mines (AC 455). I The company is registered in South Africa the shareholders‟ meetings were all in South Africa and Board meetings held in South Africa and the UK The directors meetings held in the UK were found to be those where the real control was exercised and…

RESIDENTIAL STATUS FOR COMPANIES-CHANGE IN DEFINITION Earlier Provisions under the Income tax Act (Sec 6) A Company is said to be resident in India if:   It is an Indian Company, or  During that year ,the control and management of its affairs is situated wholly in India Existing Provisions under the Income Tax Act (Sec…