No proposal to amend capital gains tax for FIIs: Govt
The Government on Tuesday said there is no proposal from the Central Board of Direct Taxes (CBDT) to amend Income Tax Act so that all FIIs pay capital gains tax on their profits.
By PTI |
NEW DELHI: The Government on Tuesday said there is no proposal from the Central Board of Direct Taxes (CBDT) to amend Income Tax Act so that all FIIs pay capital gains tax on their profits.
"No, Sir," Minister of state for Finance SS Palanimanickam told Rajya Sabha in response to a query whether CBDT sought such an amendment.
"Taxation of capital gains of FIIs' is provided in the I-T Act, 1961, read with the relevant Double Taxation Avoidance Agreement," he said.
There were speculations earlier that CBDT has sought an amendment to section 115 AD of the I-Tax Act, so that all FIIs pay capital gains tax on their profits in India.
To another query, Minister of state for Finance Pawan Kumar Bansal said aggregate value of outstanding participatory notes with underlying derivatives has shown a declining trend on a monthly basis since October 2007, following imposition of curbs on such instruments.
In another reply, Bansal said a SEBI-appointed group has recommended modified application forms which can be submitted physically as well as electronically.
"No, Sir," Minister of state for Finance SS Palanimanickam told Rajya Sabha in response to a query whether CBDT sought such an amendment.
"Taxation of capital gains of FIIs' is provided in the I-T Act, 1961, read with the relevant Double Taxation Avoidance Agreement," he said.
There were speculations earlier that CBDT has sought an amendment to section 115 AD of the I-Tax Act, so that all FIIs pay capital gains tax on their profits in India.
To another query, Minister of state for Finance Pawan Kumar Bansal said aggregate value of outstanding participatory notes with underlying derivatives has shown a declining trend on a monthly basis since October 2007, following imposition of curbs on such instruments.
In another reply, Bansal said a SEBI-appointed group has recommended modified application forms which can be submitted physically as well as electronically.
Download
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
The Economic Times Business News App for the Latest News in Business, Sensex, Stock Market Updates & More.
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
