CBDT panel to look at offshore funds applications

New Delhi: The Central Board of Direct Taxes (CBDT) on Monday announced the creation of a committee to examine applications of offshore funds having fund managers in India and looking to avail the beneficial tax regime in India. The three-member committee will examine the application of overseas fund managers and submit its recommendations to the CBDT about grant or refusal of approval, a finance ministry release here said. Chief Commissioner of Income Tax (International Taxation), West Zone, Mumbai is chairman of the Committee, while the CIT (International Taxation)-1, Mumbai and CIT (Transfer Pricing)-1, Mumbai are members of the panel. The Finance Act, 2015 inserted a new section to the Income Tax Act with effect from April 1, 2016, to provide for a special regime for offshore funds having fund managers located in India. This provides for a mechanism of fund being approved by the Board, the statement added.