Returns and Forms Applicable for Foreign Company for AY 2022-23
Disclaimer: The content on this page is only to give an overview / general guidance and is not exhaustive. For complete details and guidelines, please refer Income Tax Act, Rules and Notifications. |
Foreign Company:
As per Section 2(23A) Foreign Company means a company which is not a Domestic Company.
1. ITR-6 | |||
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Applicable for Companies other than those claiming exemption u/s 11. Company includes:
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Forms Applicable
1. Form 26AS – Annual Information Statement | ||||
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2. Form 16A – Certificate u/s n 203 of the Income Tax Act,1961 for TDS on Income other than Salary | ||||
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3. Form 3CA-3CD | ||||
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4. Form 3CE | ||||
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5. Form 29B | ||||
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6. Form 10CCB | ||||
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Tax Slabs for Foreign Company for AY 2022-23
Condition | Income Tax Rate |
Royalty from Government or an Indian concern in pursuance of an agreement made with the Indian concern after 31st March 1961, but before 1st April 1976, or fees for rendering technical services in pursuance of an agreement made after 29th February 1964 but before 1st April 1976 and where such agreement has, in either case, been approved by the Central Government | 50% |
Any other income | 40% |
Surcharge, Marginal Relief and Health & Education cess
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Note: A Foreign Company not falling under Exp.4 of section 115JB shall be liable to pay Minimum Alternate Tax (MAT) at 15% of book profit (plus surcharge and Health and Education cess as applicable) where the normal tax liability of the Company is less than 15% of book profit. |
Investments / Payments / Incomes on which I can get Tax Benefit
Tax deductions specified under Chapter VI-A of the Income Tax Act
80G | ||||||||||||
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Deduction towards donations made to prescribed funds, charitable institutions, etc. Donation are eligible for deduction under the below categories:
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80GGA | |||||
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Deduction towards donations made for Scientific Research or Rural Development. Donation are eligible for deduction under the below categories:
Note: No deduction shall be allowed under this section in respect of donation made in cash exceeding ₹ 2000/-, or if Gross Total Income includes income from Profit / Gains from Business / Profession. |
80GGC | |||
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Sum contributed to Political Party or Electoral Trust is allowed as deduction (subject to certain conditions) |
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80IAB | |||||
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Deduction in respect of Profits and Gains by an Undertaking or an Enterprise engaged in development of Special Economic Zone (subject to certain conditions) |
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80IB | |||||
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Deduction towards profits and gains from specified industrial undertakigs other than infrastructure development undertakings- 100% of profit for 10 years from the AY in which it is approved by prescribed authority (if approved after 31st March 2000 but before 1st April 2007) The deduction under this section is available to an assessee whose gross total income include any profits and gains derived from the business of:
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80IBA | |||
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Profit and Gains derived from Developing and Building Housing Projects |
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80IC | |||
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Deduction in respect of certain Undertakings in Himachal Pradesh, Sikkim, Uttaranchal and North-Eastern states (subject to certain conditions) |
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80IE | |||
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Deduction to certain Undertakings set up in North- Eastern states (subject to certain conditions) |
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80JJAA | |||
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Deduction in respect of Employment of New Workers / Employees, applicable to Assessee to whom Section 44AB applies (subject to certain conditions) |
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80LA | |||
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Deduction for Income of Offshore Banking Units and International Financial Services Centre (subject to certain conditions) |
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