Deferring Significant Economic Presence (SEP) proposal, Extending source rule, Aligning exemption from taxability of Foreign Portfolio Investors (FPIs), on account of indirect transfer of assets, with amended scheme of SEBI, and rationalising the definition of royalty.
1 February, 2020
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Significant Economic Presence deferred while source rules target India-directed digital ad and data revenue for taxation. The proposal defers the Significant Economic Presence concept until 1 April 2022 (applicable AY 2022-23), pending threshold rules; clarifies that ... Summary
Significant Economic Presence deferred while source rules target India-directed digital ad and data revenue for taxation.
The proposal defers the Significant Economic Presence concept until 1 April 2022 (applicable AY 2022-23), pending threshold rules; clarifies that India-sourced income includes advertising targeted at Indian customers and sale of India-collected data (effective 1 April 2021), aligns the indirect transfer exception for investments by foreign portfolio investors with SEBI's revised FPI regulations (effective 1 April 2020), expands the definition of royalty to include receipts from sale/distribution/exhibition of cinematographic films (effective 1 April 2021), and empowers the Board to prescribe income attribution rules under section 295 with staggered effective dates.
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