The budget provided for increased personal income taxes on those with annual income of more than 20 million rupees.
Reuters
@moneycontrolcom
India is likely to exempt foreign portfolio investors from an increase in taxes that was part of the budget approved by parliament but heavily criticised, a government official said on August 8.
The budget provided for increased personal income taxes on those with annual income of more than 20 million rupees ($283,045).
The official, who declined to be named, said the government will either issue a notification or an executive order, which could be later submitted to parliament for approval, to exempt the foreign portfolio investors, mainly registered as trusts, from the increase in surcharge on super rich taxpayers.Subscribe to Moneycontrol Pro and gain access to curated markets data, exclusive trading recommendations, independent equity analysis, actionable investment ideas, nuanced takes on macro, corporate and policy actions, practical insights from market gurus and much more.First Published on Aug 8, 2019 03:34 pm
