Thursday, April 16, 2015

Retro tax law not applicable on dividends by Foreign Firms

"Declaration of dividend by a foreign company outside India does not have the effect of transfer of any underlying assets located in India," the CBDT said. It means that dividends declared and paid by a foreign company outside India in respect of shares which derive their value substantially from assets situated in India would not be deemed to be income accruing in India.

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