Excellent news for India-focused funds: Govt trying to resolve triple tax situation:
The income division is prone to settle the problem of “triple taxation” that’s spooking international portfolio buyers (FPIs) after a latest round introduced India-dedicated funds beneath the purview of the withholding tax.
After a illustration by FPIs, the capital markets division within the finance ministry’s division of financial affairs raised the matter with the income division, searching for a fast clarification. “We’re inspecting the problem. We’ll situation a clarification if want be,” Income Secretary Hasmukh Adhia informed Enterpris
The revenue department is likely to settle the issue of “triple taxation” that is spooking foreign portfolio investors (FPIs) after a recent circular brought India-dedicated funds under the purview of the withholding tax. After a representation by FPIs, the capital markets division in the finance ministry’s department of economic affairs raised the matter with the revenue department, seeking a quick clarification. “We are examining the issue. We will issue a clarification if need be,” Revenue Secretary Hasmukh Adhia told Business es.
