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of <h1>Finance Bill 2020 defers SEP proposal, extends source rule, aligns FPI tax exemptions, updates royalty definition.</h1> The Finance Bill 2020 proposes several amendments, including deferring the Significant Economic Presence (SEP) proposal to the assessment year 2022-23, pending international discussions. It aims to extend the source rule to include income from advertisements targeting Indian customers and sales of data-derived goods and services. The bill aligns tax exemptions for Foreign Portfolio Investors with updated SEBI regulations and rationalizes the definition of royalty to include income from cinematographic films. Amendments also empower the Board to create rules for calculating income from non-resident operations and transactions, effective from April 2021 and April 2022, respectively.
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