<h1>Prime Minister Seeks Expert Committee's Guidance on Taxation of Portfolio Investments and GAAR Guidelines Clarification.</h1> The Prime Minister has referred the issue of taxation on portfolio investments to the Expert Committee on GAAR, led by Dr. Partho Shome. This follows amendments to the Income Tax Act concerning non-resident asset transfers with underlying assets in India. The focus is on clarifying tax liabilities for portfolio and Foreign Institutional Investors, especially when investments are made through registered stock exchanges under SEBI guidelines. Any clarification must align with GAAR guidelines and address concerns beyond GAAR. The committee will engage in consultations to finalize the GAAR guidelines, ensuring clarity on these taxation issues.