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of <h1>Finance Act 2020: Section 9 Update Defines 'Significant Economic Presence' for Non-Resident Businesses in India from April 2022</h1> The Finance Act, 2020 amends Section 9 of the Income-tax Act, focusing on the concept of 'significant economic presence' for non-residents in India. Effective April 1, 2022, businesses with significant economic presence in India, through transactions or user engagement, will be considered to have a business connection in India. This includes transactions exceeding prescribed amounts or systematic business solicitations. Income from targeted advertisements, data sales, and goods or services using Indian data is included. Amendments also clarify tax implications for foreign portfolio investors and remove exclusions for cinematographic film considerations.
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