Poem Rules Only for COS earning over Rs 50 CR.

Neeraj0126 Jun, 2017Business

The Central Board of Direct Taxes, the apex direct taxes body, has issued a circular clarifying that the provisions relating to place of effective management (POEM) will apply to companies with over Rs. 50-crore turnover. The clarificatory circular comes after a CBDT press release specified this but the circular issued omitted a mention in chartered accountant firms in mumbai. ��it is clarified that provisions of Sec 6(3)(ii) relating to place of effective management (POEM) won�t apply to companies having turnover or gross receipts less than Rs. 50 crores in a financial year,� it said. The board had on January 24 issued final guidelines to determine if an entity can be considered an Indian resident and taxed here.