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No I-T Returns for Persons Taking New QFII Route

Written By Admin on Thursday, 7 June 2012 | Thursday, June 07, 2012

Foreign individual investors and trusts entering the Indian capital market under the new Qualified Foreign Institutional Investors Framework may not be required to file an income-tax return with the finance ministry looking at ways to give a boost to the scheme. The government is looking at various measures, including some tax-related issues, to make the scheme more attractive, "a finance ministry official said after a meeting with representatives from capital markets. The finance ministry may allow setoff of profits against losses in tax computation for witholding tax for transactions over a month, authorising qualified depository participants to deduct witholding tax and removing the need to file an income-tax return.
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