Which one of the following was the purpose of appointment of Rangachary committee?
[A]Taxation of software Development Centres & IT Sector
[B]Taxation of Biotechnology and Pharmacy sector
[C]Taxation of MSME sector
[D]None of the above
Taxation of software Development Centres & IT Sector
Rangachary committee was appointed by PM in July 2012 to look into taxation of IT sector and the panel had submitted its report in September, 2012, suggesting parameters to identify contract R&D services provider with insignificant risk and application of profit split method.