FPIs, PEs face risk of increased I-T department action

The budget proposal said the I-T department will not have powers to reopen a tax assessment if it’s more than three years old. FPIs and PE funds had expected that shares and securities would not be regarded as assets. But the amended Finance Bill now says that assets will include shares and securities, and loans and advances, bringing large funds under the ambit of the 10-year time period.

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