9911796707
TMI Blogremittance of head-office expensesX X X X Extracts X X X X X X X X Extracts X X X X ..... ate on the whole of such surplus, if any, that may be claimed for purposes of deduction in the computation of taxable income. If after the income-tax assessment is completed, the bank/company comes up with a request for a further remittance on account of the acceptance by the income-tax authorities of a certain sum as head-office expenses appropriately allocable to the Indian operations and, therefore, not taxable, such remittance will be allowed only on submission of the income-tax assessment order showing the amount of head-office expenses allowed as a deduction by the Income-tax Officer and the total tax actually payable. 3. As this revised procedure has come into effect immediately, it is all the more necessary for the Income-tax Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... companies in India. Regarding the pending insurance claims, these will be negotiated by the Ministry of Petroleum and Chemicals with oil companies. It will be observed that from 1-1-1973 the remittances have been linked to the prior approval being taken from the Petroleum Chemicals Ministry on the basis of the essentially of the service and its non-availability in India. Apart from the claims on account of head-office expenses, technical and engineering service fee and royalties or licence fees, the oil companies have also been making claims on account of certain miscellaneous charges which are grouped under the head "sundries". These charges are generally based on actuals and the pending clams will be considered and allowed on merit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for allowing a commission on Indian sales to be remitted towards the maintenance of U.K. office though it was recognised that a reasonable amount for the maintenance of U.K. office has to be allowed to be remitted. In view of this position the tea companies are being requested by the Reserve Bank of India to furnish a statement showing the actual expenses incurred by them for the year 1974, duly certified by the auditors, towards the maintenance of U.K. office and the remittances are to be allowed on the basis that the actual amount to be remitted for 1974 is not in excess of what was allowed for the year 1973. Similarly, the Reserve Bank of India has advised the sterling tea companies that the present basis of payment of commission on In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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