India - Tax Survey

As we discussed with the Tax Committee during our November Committee call, we are surveying members investing in India regarding their filing experiences. Individual firm responses to this survey will be maintained as confidential and only anonymized and aggregated data will be used in connection with ICI’s advocacy efforts and discussions with policymakers. We are requesting the name and contact details of respondents so we can share the aggregated and anonymized survey responses with participants and for any necessary follow up.

Indian tax law generally requires taxpayers to file their income tax returns in India based on the taxpayer’s legal form of organization in their home country. Many of the tax difficulties that foreign regulated funds experience are due to their legal form of organization as business trusts and consequent tax filing status.

The ICI has urged the Central Board of Direct Taxes (CBDT) to clarify that regulated funds organized as trusts but taxed as corporations in their home county have the option to file as companies for Indian tax purposes. Further, we have urged that an FPI exercising this option, must follow the filing position consistently in India.

Survey responses are requested by close of business on Monday, November 22, 2021. Please contact Katie Sunderland by email (katie.sunderland@ici.org) or phone (202-326-5826) if you have any substantive questions regarding this survey. Please contact Jean Zadeh by email (jean.zadeh@ici.org) if you have any problems using the survey.

Question Title

* 1. Contact information of person completing the form. This information will not be shared and is only needed so we can share aggregated results with respondents and to follow up if needed.

First and Last Name

Email Address

Question Title

* 2. What is the legal form of organization of your firm's US and non-US regulated funds that invest in India? Select all that apply.

Stand-alone fund organized as a trust (e.g., Massachusetts Business Trust, Delaware Statutory Trust, non-US trust, etc.)

Stand-alone fund organized as a corporation (e.g., Maryland Corporation, Public Limited Company, etc.)

Multiple funds organized as a series of a Trust (e.g., Massachusetts Business Trust, Delaware Statutory Trust, etc.)

Multiple funds organized as a series of a Corporation (e.g., Maryland Corporation, Luxembourg SICAV, etc.)

Other (please specify)

Question Title

* 3. For any fund organized as a trust or as part of a series trust, did the fund file as a:

Trust

Company

Association of Persons

Other (please specify)

Question Title

* 4. For any fund organized as a corporation or as part of a series corporation, did the fund file as a:

Trust

Company

Association of Persons

Other (please specify)

Question Title

* 5. For those funds that are part of a series, have all funds filed consistently for Indian tax purposes, (e.g., all filed as a trust, all filed as a company, etc.)?

Yes

India - Tax Survey

Question Title

* 1. Contact information of person completing the form. This information will not be shared and is only needed so we can share aggregated results with respondents and to follow up if needed.

Question Title

* 2. What is the legal form of organization of your firm's US and non-US regulated funds that invest in India? Select all that apply.

Question Title

* 3. For any fund organized as a trust or as part of a series trust, did the fund file as a:

Question Title

* 4. For any fund organized as a corporation or as part of a series corporation, did the fund file as a:

Question Title

* 5. For those funds that are part of a series, have all funds filed consistently for Indian tax purposes, (e.g., all filed as a trust, all filed as a company, etc.)?

Question Title

* 6. How have you determined the tax classification for funds filing in India (e.g., sub-fund level, umbrella fund level, etc)?