Pretty hefty amount of complications were found between the content of instructions related to the income tax return for the fiscal year 2016 and the subsequent ITA Protocol of January 28th, 2017 bringing in rules for implementation for the option. Hence, ITA issued Resolution (No. 4E) providing explanations on the filing responsibilities for the taxpayers opting for the foreign branch exemption on 15th January, 2018. They came up with specific procedures to the correct compilation of the relevant returns.
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