India $ 7 bn tax demand on FIIs |
India`s Finance Minister Arun Jaitley said the government will press ahead with Rs 40,000 crores or nearly US$ 7 billion tax demand on foreign institutional investor (FIIs). The investors lost a case against levy of tax on capital gains they made. FIIs went to a tribunal, which is called Authority for Advance Rulings (against levy of 20% Minimum Alternate Tax on capital gains). The tribunal has decided against them.
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