Clarification on the continuation of concessional rate of tax on interest income of FPIs

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Clarification on the continuation of concessional rate of tax on interest income of FPIs


Government of India

Department of Revenue

Ministry of Finance

Central Board of Direct Taxes

New Delhi, 17th March, 2021

PRESS RELEASE

Clarification on continuation of concessional rate of tax on interest income of FPIs

Section 115AD of the Income-tax Act, 1961 (the ‘Act’) inter alia contains provisions for taxation of income of FPIs. Proviso to section 115AD(1)(i) provides that the tax shall be chargeable at the concessional rate of 5% on interest income referred to in section 194LD.

There are reports in certain section of media that the said concessional tax rate of 5% has been withdrawn. It is hereby clarified that there is no change in the said proviso even after amendment of section 115AD vide Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 and the concessional rate of tax of 5% shall continue to be applicable for interest income referred to in section 194LD of the Act.

Surabhi Ahluwalia

Commissioner of Income Tax

(Media & Technical Policy)

Official Spokesperson, CBDT

Source: As per the latest tweet of Income Tax India [@IncomeTaxIndia]


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