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Dec 04, 2021
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Tax department sends reassessment notices to global fund houses
The Income Tax Department has reopened old assessments of at least a dozen global fund houses and private equity funds alleging under-reporting of income through the misuse of tax treaties.
The department, in a communication last week, asked these fund houses to furnish details about the structure of their business, past investors and bank signatories, an official told ET.
The department has asked them to explain irregularities in computation of income for the assessment years 2013-14, 2014-15 and 2015-16, the official said.
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