The Finance Bill 2013 proposes to provide parity in taxation between an IDF-Mutual Fund that distributes income and an IDF-NBFC that pays interest when the payment is made to a non-resident. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that the rate of tax on such distributed income or interest will be 5 percent. He also stated that investor protection fund set-up by depositor for protection of the interest of beneficial owners will be exempt from income tax.
Parity in Taxation between IDF - Mutual Fund and IDF-NBFC
News posted by
CCI News Desk
Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.
Recent News :
- Key Allowances and Deductions Available to Taxpayers for Tax Year 2026-27
- CBDT Issues FAQs on Section 536 Transition Provisions Under Income Tax Act, 2025
- Tax Benefits for Senior Citizens in FY 2026-27: Deductions, TDS Relief and ITR Exemptions
- CBDT Releases Guidance Note on Crypto-Asset Reporting Obligations under Income Tax Act 2025
- Taxpayers Beware: PIB Exposes Fake Income Tax Notice Asking for Rs 6000 Payment
- NCLT Launches e-Inspection and e-Certified Copy Services to Enhance Digital Access for Stakeholders
- ITR-7 Online Utility Enabled on Income Tax Portal for AY 2026-27
- MSME Development (Amendment) Bill, 2026 Passed by Parliament
- Direct Tax Collections Jump 23% to Rs 8.11 Lakh Crore as on 10th Aug 2026
- CBDT Approves Sir Ganga Ram Trust Society for Scientific Research Tax Benefits Under IT Act, 2025
Popular News
- Tax Benefits for Senior Citizens in FY 2026-27: Deductions, TDS Relief and ITR Exemptions
- CBDT Releases FAQs on Taxation and Other Laws (Amendment) Bill, 2026
- FM Sitharaman Introduces Appropriation (No. 3) Bill, 2026 in Lok Sabha
- UPI Transactions May Attract Charges in Future as Lok Sabha Passes Taxation Amendment Bill
- MCA Extends Registration Deadline for 'Corporate Mitra' Course for North East Candidates Till 14th Aug 2026
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
