CBDT to prescribed the manner of computation of
period of stay for an Indain citizen, being a member
of crew of a foreigen bound ship leaving India[section-
6(1)]
period of stay for an Indain citizen, being a member
of crew of a foreigen bound ship leaving India[section-
6(1)]
Explanation 2 has been added which provide that in
case of individual the period of stay in India be
determine in such a manner and subject to the
prescribed manner
--
Residence status of a company to be determined on
the basis of Place of Effective management(POEM)
[section-6(3)]
POEM means a place where a key management and
commercial decisions that are neccesary for conduct
of business of an entity as a whole are, in substance
made.
---
Value of Indain assets to be determine whether the
share or interest of a foreigen company or entity is
deemed to drive its value substantially from the
assets located in India [section-9(1)(i)]
The exemption shall be available to the transferor of
a share of, or interest in, a foreign entity if he along
with its associated enterprises:-
(a) neither holds the right of control or
management,
(b) nor holds voting power or share capital or
interest exceeding 5% of the total voting power or
total share capital,
in the foreign company or entity directly holding the
Indian assets (direct holding company)
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