Tag Archives: Income Tax Act 1961

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New Rule for Furnishing of Annual Statement by a Liaison Office

In terms of Section 285 of the Income Tax Act, 1961, every non-resident who has a liaison office in India set up in accordance with the guidelines issued by the Reserve Bank of India under the Foreign Exchange Management Act, 1999 is obliged to prepare and deliver or cause to be delivered, a statement in respect of its activities in a financial year (“Annual Statement”) within sixty (60) days from the end of such financial year in the form and containing such particulars as may be prescribed. The Central Board of Direct Taxes (“CBDT”) has on February 6, 2012 prescribed such form and procedure to file the Annual Statement.

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