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of <h1>CBDT Clarifies Indirect Transfer Tax Rules: Exempts Category I & II FPIs from Multiple Taxation on Share Redemption.</h1> The circular issued by the Central Board of Direct Taxes clarifies the application of indirect transfer provisions under the Income-tax Act, 1961, specifically concerning the redemption of shares or interests outside India. It addresses concerns from investment funds about potential multiple taxation in multi-tier investment structures. The circular exempts Category I and Category II Foreign Portfolio Investors from these provisions, ensuring that income from the redemption of shares or interests indirectly held by non-residents in specified funds is not subject to multiple taxation, provided certain conditions are met. Direct investors in specified funds will continue to be taxed under existing provisions.
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