The income-tax (I-T) department has slapped many notices on foreign portfolio investors (FPIs) within the past few days for allegedly filing defective returns, consistent with the country’s top tax consultants.
The notices, issued under Section 139 (9) of the I-T Act for past assessment years, have asked them to rectify the defects and furnish their balance sheets along side profit and loss accounts, albeit they’re not required to try to to so under current regulations. this is often because FPIs earn capital gains and dividend income in India but aren’t involved in running a business or …
