 "tax money")
The government has set a minimum fee to be received by fund managers in India, managing offshore funds, under the safe harbour route.
The Finance Act, 2015, had introduced Section 9A to encourage fund management activity from India and provide a safe harbour to onshore managements of offshore funds.
The objective was to ensure these funds did not pay incremental tax just because they were managed in India and the risk of constituting business connections or a permanent establishment in India was mitigated. Without the benefit of this section, an offshore fund managed in India becomes a tax resident.
Earlier,
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