Swipe through the latest business and wealth clues with our android app

Taxman target indirect investments in overseas companies by high-profile Indians

High-profile Indians who own stocks and properties abroad or are beneficiaries of offshore trusts may attract Income tax scrutiny for failing to disclose their ‘indirect investments’ in I-T returns. For instance, say Mr. X holds 15% equity interest in an unlisted offshore firm A in Dubai. Firm A, in turn, holds an equity stake in two US companies (B and C). According to the department, Mr. X has to disclose his indirect ownership in B and C along with the direct investment in Firm A. Non-disclosure of information could attract a penalty of at least Rs 10 lakh. 


-->
©2019 TheNewsClues