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of <h1>Amendment to Section 9 Expands Income Definition for Indian Residents' Payments to Non-Residents Effective April 2024.</h1> Clause 4 of the Finance Bill, 2023 proposes an amendment to section 9 of the Income-tax Act, specifically targeting sub-section (1), clause (viii). The amendment redefines income deemed to accrue or arise in India to include income arising outside India, specifically sums mentioned in sub-clause (xviia) of clause (24) of section 2. This applies to payments made by Indian residents to non-residents or foreign companies from July 5, 2019, and to individuals not ordinarily resident in India from April 1, 2023. The amendment is effective from April 1, 2024, applicable for the 2024-2025 assessment year onwards.
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