Section 506 — Furnishing of information or documents by an Indian concern in certain cases
Old Act equivalent: Section 285A of IT Act 1961 Sub-part: Chapter XXIII—Miscellaneous
Statutory Text
- Where,––
(a) any share of, or interest in, a company or an entity registered or incorpo rated outside India derives, directly or indirectly, its value substantially from the assets located in India, as referred to in section 9(10)(a); and
(b) such company or entity, as the case may be, holds, directly or indirectly, such assets in India through, or in, an Indian concern, then, such Indian concern shall, for the purposes of determination of any income accruing or arising in India under the said section, furnish within prescribed pe riod to the prescribed income-tax authority the information or documents in such manner, as may be prescribed. Submission of statements by producers of cinematograph films or persons engaged in specified activity.
Provisos
None.
Explanations
None.
Tables
None.
Key Structure
- Applies to: Indian concerns making payments to non-residents or having transactions with liaison offices.
- Conditions: Furnish prescribed information to prescribed authority.
- Time limits: Within prescribed period.
- Monetary limits: None.
- Exceptions: None.
Cross-References
Amendment Notes
None noted from the extracted pages.