AZB & Partners is one of India's premier law firms with 500+ lawyers and offices across the country. The firm was founded in 2004 with a clear purpose to provide reliable, practical and full–service advice to clients, across all sectors. Having grown steadily since its inception, AZB & Partners now has offices across Mumbai, Delhi, Bangalore, Pune and Chennai. We are recognized by most international publications for our legal expertise.
The CBDT has by way of circular dated July 3, 2019 clarified that any income of non-resident investors from offshore investments routed through Category I or Category II Alternate Investment Funds (‘AIFs')
The CBDT has by way of circular dated July 3, 2019 clarified
that any income of non-resident investors from offshore investments
routed through Category I or Category II Alternate Investment Funds
('AIFs'), being a deemed direct investment outside India by
the non-resident investor, is not taxable in India under the IT
Act. It is further clarified that loss arising from the offshore
investment relating to the non-resident investor, being an exempt
loss, will not be allowed to be set off or carried forward and set
off against the income of the Category I or Category II AIF.
Previously published on September 30, 2019.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.