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Business News/ News / India/  CBDT invites comments on fund manager remuneration
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CBDT invites comments on fund manager remuneration

The new way of computation of remuneration has been necessitated by changes in the law introduced in the Finance Act (2) 2019
  • CBDT has sought inputs from stakeholders on the draft notification by December 19
  • Photo: Pradeep Gaur/MintPremium
    Photo: Pradeep Gaur/Mint

    NEW DELHI : The Income tax department has invited comments from the public on ways of computing remuneration of India-based fund managers handling overseas investors’ funds here.

    The new way of computation of remuneration has been necessitated by changes in the law introduced in the Finance Act (2) 2019.

    An official statement from the Central Board of Direct Taxes (CBDT) said that accordingly, the manner for calculation of the remuneration paid to the eligible fund manager is required to be prescribed. The amendment is aimed at making the regulatory regime simpler for fund managers and to boost the domestic market for fund management activities. India is keen to promote itself as a global financial centre and has been liberalizing rules in this regard over the years.

    CBDT has sought inputs from stakeholders on the draft notification by December 19.

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    ABOUT THE AUTHOR
    Gireesh Chandra Prasad
    Gireesh has over 22 years of experience in business journalism covering diverse aspects of the economy, including finance, taxation, energy, aviation, corporate and bankruptcy laws, accounting and auditing.
    Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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    Published: 05 Dec 2019, 09:58 PM IST
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