The Central Board of Direct Taxes (CBDT) has recently issued Circular 12/2023, dated 12 July 2023, aiming to provide much-needed clarification on the taxability of income earned by non-resident investors from offshore investments made through an Alternative Investment Fund (AIF). This circular modifies the previous CBDT Circular 14/2019, taking into account changes made in the definition of 'investment fund' under the Income-tax Act, 1961.
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