CBDT clarification regarding taxability of income earned by a non-resident investor from off-shore investments in investment fund routed through an Alternative Investment Fund

Central Board of Direct Taxes vide Circular dated the 12th July 2023 has issued clarification regarding taxability of income earned by a non-resident investor from off-shore investments in investment fund routed through an Alternative Investment Fund.

The income tax exemption under section 115UB shall apply only to income earned by a non-resident investor from off-shore investments in investment fund routed through Category I or Category II AlFs regulated by Securities and Exchange Board of India (SEBI) or International Financial Services Centers Authority (IFSCÅ).

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