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of <h1>Committee Recommends TNMM for IT Sector, Calls for Clarity on Transfer Pricing and Tax Incentives for Global Competitiveness</h1> The report by a government-appointed committee reviews taxation issues for Development Centres and the IT sector. It addresses the need for clarity in taxation, especially regarding transfer pricing and Safe Harbour provisions. The committee suggests using the Transactional Net Margin Method (TNMM) for Contract R&D service providers with minimal risk and recommends avoiding the Profit Split Method due to data challenges. It also discusses tax incentives for 'on-site' software development, employee deployment, and SEZ units, suggesting policy clarifications to support the IT sector. The report emphasizes fair tax practices to enhance India's competitiveness as a global knowledge hub.
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