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January 2013

A. P. (DIR Series) Circular No. 55 dated 26th November, 2012

By Gaurang Gandhi, Chartered Accountant
Reading Time 1 mins
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Liaison Office (LO)/Branch Office (BO) in India by Foreign Entities – Reporting to Income Tax Authorities

This circular clarifies that: –

a. The Annual Activity Certificate (AAC) to Director General of Income Tax (International Taxation), Drum Shaped Building, I.P. Estate, New Delhi 110002, must be accompanied by audited financial statements including receipt and payment account.

b. Banks must, at the time of renewal of permission of LO, endorse a copy of each such renewal to the office of the DGIT (International Taxation).

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