07-09-2011, 10:19 PM
Originally posted by faisal_desperado</i>
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Star[/i]
<br />Dear,
..........
If the parent company is engaged in trading business, then, whether group taxation can be opted and allowed under tax laws??
......
Dear,
As per Section 59B, subsection 2B "a company within the group engaged in the business of trading shall not be entitled to avail group relief.
Regards,
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
The company engaged in trading is not entitled to "Group Relief", but what about "Group Taxation".
Are not these two independent section.
The concept of Group relief was introduced in 2004 while that of Group Taxation comes in 2007. I could not find any wording that may suggest that group relief is only allowed to companies who opt group taxation.
Similarly, there is nothing to suggest that companies who are in the business of trading may not opt for group taxation . They only can't obtain group relief
<br /><blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Star[/i]
<br />Dear,
..........
If the parent company is engaged in trading business, then, whether group taxation can be opted and allowed under tax laws??
......
Dear,
As per Section 59B, subsection 2B "a company within the group engaged in the business of trading shall not be entitled to avail group relief.
Regards,
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
The company engaged in trading is not entitled to "Group Relief", but what about "Group Taxation".
Are not these two independent section.
The concept of Group relief was introduced in 2004 while that of Group Taxation comes in 2007. I could not find any wording that may suggest that group relief is only allowed to companies who opt group taxation.
Similarly, there is nothing to suggest that companies who are in the business of trading may not opt for group taxation . They only can't obtain group relief
