Safe harbour rules for rough diamond sales clarify eligibility, tax rate, deductions, withholding tax, and invalidation conditions. Clarifications are issued on the safe harbour regime for a foreign company engaged in the sale of rough diamonds in Special Notified Zones. The circular states that only diamonds meeting every element of the definition of raw diamonds are covered, that sorted diamonds are excluded, and that a Kimberley Process Certificate alone is insufficient. It also clarifies the tax rate, denial of deductions, the application of DTAA credit, withholding tax, separate taxation of an Indian trader, invalidation for incorrect facts or concealment, and the position where no safe harbour option is exercised.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Safe harbour rules for rough diamond sales clarify eligibility, tax rate, deductions, withholding tax, and invalidation conditions.
Clarifications are issued on the safe harbour regime for a foreign company engaged in the sale of rough diamonds in Special Notified Zones. The circular states that only diamonds meeting every element of the definition of raw diamonds are covered, that sorted diamonds are excluded, and that a Kimberley Process Certificate alone is insufficient. It also clarifies the tax rate, denial of deductions, the application of DTAA credit, withholding tax, separate taxation of an Indian trader, invalidation for incorrect facts or concealment, and the position where no safe harbour option is exercised.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
