Reportedly Finance minister Nirmala Seetharaman will meet foreign portfolio investors (FPIs) on Friday as she seeks to put together a package that will boost investor sentiment and arrest an economic downturn. Meanwhile the meeting, to be attended by key finance ministry representatives including tax officials, indicated the government is open to reviewing an unintended tax burden on them proposed in the union budget presented on 5 July after having steadfastly rejected their pleas for a review earlier.
Furthermore the increase in surcharge on the income tax outgo of certain classes of taxpayers earning above specified limits that hit certain FPIs organized as trusts has now come into force with the President signing the Finance Bill (2), 2019 into law on 1 August.
Meanwhile the meeting, to be attended by key finance ministry representatives including tax officials, indicates the government is open to reviewing an unintended burden on them following the budget proposal to increase tax surcharge on the super rich. In this case, Finance Minister Nirmala Sitharaman to brief media at 4 pm today, likely to announce more steps to boost economy.
Furthermore the increase in surcharge on the income tax outgo of certain classes of taxpayers earning above specified limits that hit certain FPIs organized as trusts has now come into force with the President signing the Finance Bill (2), 2019 into law on 1 August.
Meanwhile the meeting, to be attended by key finance ministry representatives including tax officials, indicates the government is open to reviewing an unintended burden on them following the budget proposal to increase tax surcharge on the super rich. In this case, Finance Minister Nirmala Sitharaman to brief media at 4 pm today, likely to announce more steps to boost economy.
