India Circular on Relief from Indirect Transfer Provisions for Multi-Tier Investment Structures

India's Central Board of Direct Taxes has issued Circular No. 28/2017, which addresses the taxation of indirect transfers involving an investment fund or a venture capital company or a venture capital fund (specified funds) that are set up as multi-tier investment structures. Section 9(1)(i) of the Income-tax Act, 1961, sets out the provisions for income deemed to accrue or arise in India, inc…
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