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of <h1>Foreign Diamond Income Tax Rules: Section 9(1)(i) Updates, Safe Harbour Benefits & Form No. 3CEFC Requirements</h1> Income from a foreign company engaged in diamond mining is deemed to accrue in India if it arises through business connections, property, or assets in India, as per Section 9(1)(i) of the Income Tax Act. However, displaying rough diamonds in Special Notified Zones does not attract tax. Safe Harbour Rules allow such companies to declare income at least 4% of gross receipts from raw diamond sales in these zones, effective from April 1, 2024. Opting for safe harbour precludes deductions and loss offsets. The process involves submitting Form No. 3CEFC, and invalid options may result from incorrect or concealed facts. The mutual agreement procedure for tax avoidance does not apply if safe harbour is chosen.
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