Tax liability of Foreign Company

In a case where a foreign company is said to be resident in India on account of its Place of Effective Management (PoEM) being in India under sub-section (3) section 6 of the Act in any previous year, and such foreign company has not been resident in India for any of the earlier previous year(s), not withstanding anything  contained in the Act, the provisions of the Act relating to :

a. the computation of total income,

b. treatment of unabsorbed depreciation,

c. set off or carry forward and set off of losses,

d. collection and recovery and

e. special provisions relating to avoidance of tax

shall apply to the foreign company for the said  previous year with exceptions, modifications and adaptations specified in Notification no S.O. 3039 dated 22 June 2018.

For details click Source CBDT