The Finance Bill, 2020 proposes to amend Section 295 to empower the CBDT to make rules to provide for the manner, in which and the procedure by which the income shall be arrived in case:
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Operations carried out in India by a non-resident (with effect from Assessment Year 2021-22);
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Transaction or activities of a non-resident (with effect from Assessment Year 2022-23, i.e. after applicability of rules relating to significant economic presence).
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