CBDT issues clarification on indirect transfer provision under the IT Act, 1961
New Delhi: The Central Board of Direct Taxation (CBDT) on Wednesday issued clarification on Indirect Transfer provisions in respect to circular no. 41/2016, which was issued on December 21, 2016.
After the issue of the aforementioned circular, representations have been received from various FPIs, FIIs, VCFs and other stakeholders.
The stakeholders have presented their concerns stating that the circular does not address the issue of possible multiple taxation of the same income.
The representations made by the stakeholders are currently under consideration and examination.
Pending a decision in the matter the operation of the above mentioned circular is kept in abeyance fourth time being.