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of <h1>Amendments to Section 9 of Income Tax Act clarify non-resident transactions for export don't establish significant economic presence.</h1> The Union Budget 2025-26 and Finance Bill, 2025 propose amendments to Section 9 of the Income Tax Act, which addresses income deemed to accrue in India. The amendment aims to harmonize the applicability of 'Significant Economic Presence' with 'Business Connection' by clarifying that non-resident transactions confined to purchasing goods in India for export do not establish a significant economic presence. This change aligns with existing exclusions under Explanation 1 of the same section. The amendments will be effective from April 1, 2026, impacting the assessment year 2026-27 and beyond.
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