MUMBAI India will defer by one year new tax rules that would have required foreign companies in India and Indian companies with overseas subsidiaries to pay local taxes based on their residency status in the country.
India had introduced "place of effective management" rules last year to tax companies where key management and commercial decisions are made in India as local entities.
(Reporting by Himank Sharma; Editing by Anand Basu)
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Updated Date: Feb 29, 2016 14:53 PM