Income Tax department has put its controversial circular on taxes applicable to India-dedicated funds in abeyance providing some relief to the Foreign Portfolio Investors (FPI).

Finance Ministry is expected to amend the law in the budget and put the controversy to rest. “Representations made by the stakeholders are currently under consideration and examination. Pending a decision in the matter, the operation of the above-mentioned circular is kept in abeyance for the time being,” CBDT said in a notification.

More at Business Standard

Have no idea what the circular was about? Here is an excellent article from Akash Prakash

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