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No tax exemption to foreign news agencies
from Taxmann's Budget Marathon | International Taxation | Daksha Baxi – Founder | SRI Solutions
by Taxmann
With effect from FY 2023-24 (AY 2024-25), the exemption available to a foreign news agency as specified in Section 10(22B) is no longer available.
It will now be taxed under the normal provisions applicable to an NR – depending on the character of income – if business income, whether it has a BC or PE and whether it qualifies as royalty or any other category of income earned by it. Whether it is eligible to DTAA benefits or otherwise will determine the tax rate
Reduction of time in furnishing response to notice under Transfer Pricing
With effect from 1 April 2023, Section 92D (3) is amended and now, the tax payer would have only 10 days to submit the response to notice given by the tax department under the proceedings for transfer pricing. This is reduced from 30 days.
