Foreign investors receive tax notices despite zero earnings in India: Report
According to an Economic Times report, the Income Tax Department has sent notices to various foreign investors, such as portfolio investors, investment vehicles, and companies, that purchased shares in India but did not generate any profit. These investors were questioned about their failure to file Income Tax Returns (ITR) and were asked to provide share certificates, valuation reports, and details regarding Tax Deducted at Source (TDS). It remains uncertain whether filing an ITR is mandatory in cases where no income has been earned.
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