India’s income tax department has initiated proceedings against at least a dozen large global funds, including those dealing in private equity, for allegedly tax evasion, the Business Standard newspaper reported, citing an order issued last week.
- The funds allegedly under-declared their income, violating tax treaties between India and Mauritius, the report cites the order from income tax department
- The department has also raised an additional tax demand of 5 billion rupees ($65.8 million); the demand comes after yearlong investigation
- Most of the investment under examination was routed through Cyprus and Mauritius, according to the report
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