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) 2019CBDT has sought inputs from stakeholders on the draft notification by December 19
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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