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of <h1>Amendment to Section 6 of Income-tax Act redefines company residency criteria based on effective management location.</h1> Section 6 of the Income-tax Act was amended by the Finance Act, 2016, effective April 1, 2017. The amendment redefines the criteria for a company to be considered a resident in India for tax purposes. A company is deemed a resident if it is an Indian company or if its place of effective management is in India. The 'place of effective management' is defined as the location where key management and commercial decisions necessary for the business's overall conduct are substantially made.
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