Finance minister Nirmala Sitharaman (HT file)
Finance minister Nirmala Sitharaman (HT file)

No reason to clarify higher tax on FPIs, says Sitharaman

  • FM Nirmala Sitharaman had proposed in her FY20 budget an increase in surcharge from 15% to 25% on the income tax outgo of taxpayers with income in the 2-5 crore range
  • The surcharge has been increased from 15% to 37% in the case of those earning more than 5 crore

New Delhi: Finance minister Nirmala Sitharaman said on Monday there was no need for any clarification on the additional tax burden that could apply to foreign portfolio investors due to higher surcharges introduced by her budget last week.

Finance minister Nirmala Sitharaman had proposed in her FY20 budget last Friday that surcharge on the income tax outgo of certain tax payers with income in the 2-5 crore range will be increased to 25% from 15% and to 37% from 15% in the case of those earning more.

Indian markets crashed due to a selloff led by foreign portfolio investors, who now may have to pay higher tax on their income due to the new rules.


This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed

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