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of <h1>India Exempts Systems Software Imports from Income Tax; Customs Duty Only Applies Per Finance Minister's 1990 Announcement.</h1> The Finance Minister announced in the Lok Sabha on September 7, 1990, a policy change regarding the taxation of systems software. Previously, both customs duty and income tax were levied on software imports. To alleviate this dual taxation, the government decided that lump sum payments for systems software supplied with hardware would only incur customs duty, exempting them from income tax. This concession applies to imports during the current and subsequent financial years. Consequently, such payments will not require tax deduction at source under section 195(1) of the Income-tax Act, 1961. Legislative amendments are forthcoming to formalize this change.
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