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New Income Tax Guidance on Principal Purpose Test (PPT) UPSC NOTE

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  Why in news The Income Tax department issued a guidance note on the application of the Principal Purpose Test (PPT) for claiming tax treat...

 Why in news

  • The Income Tax department issued a guidance note on the application of the Principal Purpose Test (PPT) for claiming tax treaty benefits, which will apply from a future date (prospectively).

  • Grandfathering provisions in the India-Cyprus, India-Mauritius, and India-Singapore Double Tax Avoidance Agreements (DTAAs) will remain unaffected by the new PPT rules.

  • The grandfathering clauses in these treaties are not meant to interact with the PPT, ensuring that prior treaty-specific commitments are protected.

  • The clarification potentially clears the way for the updated protocol for the India-Mauritius treaty to be notified and come into effect from April 1, 2025.

  • The guidelines encourage tax authorities to refer to the OECD’s BEPS Action Plan 6 and the UN Model Tax Convention for additional guidance when applying the PPT provisions.

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Learnerz IAS | Concept oriented UPSC Classes in Malayalam: New Income Tax Guidance on Principal Purpose Test (PPT) UPSC NOTE
New Income Tax Guidance on Principal Purpose Test (PPT) UPSC NOTE
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Learnerz IAS | Concept oriented UPSC Classes in Malayalam
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