Parity in Taxation between IDF – Mutual Fund and IDF-NBFC
The Finance Bill 2013 proposes to provide parity in taxation
between an IDF-Mutual Fund that distributes income and an IDF-NBFC that pays
interest when the payment is made to a non-resident. Presenting the Union
Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said
that the rate of tax on such distributed income or interest will be 5 percent.
He also stated that investor protection fund set-up by depositor for protection
of the interest of beneficial owners will be exempt from income tax.
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