What is the significance of India's 1961 Income Tax Act (ITA)?
The Income Tax Act (ITA) states that all companies residing in India are subject to tax, whether their income is earned within the nation of India or abroad. The government determines the residential status by the location from which a majority of the company’s decisions regarding control and management are made from. Indian companies are always given residential status, but foreign companies are only given residential status if the companies major management decisions were made within India during the previous year.
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