IEcoS (Economic Services) Indian Economics Budgeting and Fiscal Policy-Tax, Expenditure, Budgetary Deficits Terms and Persons (Page 16 of 36)

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Income Declaration Scheme 2016

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The Income Declaration Scheme targets domestic black money and was launched on 1st June 2016 with the starting of a three-month declaration window. People and entities can reveal black money earned till 2016 and convert them into white money by paying 45% payment including tax plus surcharge and a penalty. Taxes, surcharge and penalty payable under the Scheme can be paid in instalments viz. and the latest installment should be made by end August 2017.

All ‘persons’ , such as individuals, HUFs, companies, firms, association of persons (AOP) etc. , are eligible to make declaration under the Scheme.

Indian Company

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A company is said to be a resident in India in any previous year, if it is an Indian company (registered under the Companies Act) or during that year its place of effective management is in India.

As per the Finance Act, 2015, with effect from 1st April, 2016 a company is said to be resident in India in any previous year, if:

(i) It is an Indian company; or

(ii) Its place of effective management in that year is in India.

In case the place of effective management (POEM) is located outside India, then the residential status of such company shall be that of a foreign company.

A Company registered in India is an Indian Company. An Indian Company is the one registered in India under the Companies Act of 1956. Indian Company is always treated as Resident in India.