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CBDT panel to look at offshore funds' applications
Language : hindi
Business . Difficult
23-05-2016 19:04:09 .
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 The Central Board of Direct Taxes (CBDT) on Monday announced the creation of committee to examine applications of offshore funds having fund managers in India and looking to avail the beneficial tax regime in India. 
The three member committee will examine the application of overseas fund managers and submit its recommendations to the CBDT about grant or refusal of approval, finance ministry release here said. 
Chief Commissioner of Income Tax (International Taxation), West Zone, Mumbai is chairman of the Committee, while the CIT (International Taxation) 1, Mumbai and CIT (Transfer Pricing) 1, Mumbai are members of the panel. 
The Finance Act, 2015 inserted new section to the Income Tax Act with effect from April 1, 2016, to provide for special regime for offshore  funds having fund managers located in India. 
This provides for mechanism of fund being approved by the Board, the statement added. 
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recommendations applications application beneficial statement mechanism committee announced provides overseas
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