CBDT notifies Income-tax (13th Amendment) Rules, 2021.

The Central Board of Direct Taxes on 3rd May 2021 has published the Income-tax (13th Amendment) Rules, 2021 which shall come into force from 1st April 2022.

Through this amendment a new rule 11UD has been inserted which notifies the threshold for significant economic presence.

As per the new rule, for the thresholds “the amount of aggregate of payments arising from transaction or transactions in respect of any goods, services or property carried out by a non-resident with any person in India, including provision of download of data or software in India during the previous year, shall be two crore rupees.” 

Further, the number of users with whom systematic and continuous business activities are solicited or who are engaged in interaction shall be three lakhs.