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.
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