https://www.taxtmi.com/highlights?id=83547 CBDT amends the Income-tax Rules, 1962 to introduce safe harbour rules for determining income referred to in clause (i) of sub-section (1) of section 9 of the Income-tax Act, 1961, chargeable to tax under the head "Profits and gains of business or profession". The key provisions are: For an eligible foreign company engaged in diamond mining business selling raw diamonds in a notified special zone, the income chargeable under this head shall be accepted as 4% or more of the gross receipts from such business, if the company exercises this safe harbour option. An "eligible assessee" has been defined as a foreign company engaged in diamond mining which opts for these safe harbour rules. "Raw diamonds" have been specifically defined. If the safe..... en-us Sat, 30 Nov 2024 14:02:35 +0530 Sat, 30 Nov 2024 14:02:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=83547 CBDT amends the Income-tax Rules, 1962 to introduce safe harbour rules for determining income referred to in clause (i) of sub-section (1) of section 9 of the Income-tax Act, 1961, chargeable to tax under the head "Profits and gains of business or profession". The key provisions are: For an eligible foreign company engaged in diamond mining business selling raw diamonds in a notified special zone, the income chargeable under this head shall be accepted as 4% or more of the gross receipts from such business, if the company exercises this safe harbour option. An "eligible assessee" has been defined as a foreign company engaged in diamond mining which opts for these safe harbour rules. "Raw diamonds" have been specifically defined. If the safe..... Highlights Income Tax Sat, 30 Nov 2024 14:02:35 +0530 https://www.taxtmi.com/highlights?id=83547