Parity in taxation for non-resident investors in IDFs
   
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Parity in taxation for non-resident investors in IDFs

Parity in taxation for non-resident investors in IDFs
New Delhi: The government on Thursday said 5 percent tax would be levied at the time of distribution of payout to non-resident investors in an Infrastructure Development Fund (IDF), irrespective of being promoted through either mutual fund or NBFC route.

"I propose 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," Finance Minister P Chidambaram said in the Budget speech for 2013-14.

The rate of tax on such distributed income or interest will be 5 percent, he said.

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, he added.

PTI



First Published: Thursday, February 28, 2013, 17:15


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