Page 32 - DHC Budget Book 2021-22 Final
P. 32
INDIA BUDGET 2021-22
been provided by the foreign country under whose laws it is created or established;
Rules for computation of investment/ lending threshold shall be notified;
Sec. 89A inserted w.e.f. AY 2022-23 to provide relief and for addressing mismatch in taxation of income of specified person from overseas retirement fund maintained in a country (to be notified).
Sec. 196D amended w.e.f. 01-04-2021 to extend the benefit of lower rates as per respective Double Taxation Avoidance Agreement to Financial Institutional Investors in respect of withholding tax on income from securities as specified on furnishing of a valid Tax Residency Certificate.
Provisions relating to Equalisation Levy (2.0) amended retrospectively w.e.f. AY 2021-22:-
Sec. 163 of Finance Act, 2016 amended to exclude from the scope of ‘Equalisation
Levy’, the consideration received/
receivable in respect of Royalty or Fees for Technical Services income taxable in India. Corresponding amendment in Sec. 10(50) to clarify that exemption shall not be available in respect of such income.
Sec. 164 of Finance Act, 2016 amended to provide that online sale of goods/ online provision of services shall include one or more activities such as placing of order, acceptance of offer, acceptance of purchase order or payment of consideration.
Sec. 165A of Finance Act, 2016 amended to provide that for the purpose of charging Equalisation Levy, consideration received or receivable from e-commerce supply or services shall include consideration for sale of goods/ services irrespective of whether e-commerce operator owns such goods or provides or facilitates such services.
30 Building a Resilient and Confident India
