MUMBAI: The income tax department has sent notices to about 100 Indian investors, family funds and family trusts to ascertain whether tax treaty benefits accrued by them in the past were genuine.
The tax notices issued in February have asked investors to submit details of the treaty benefits. Investors fear that this could be a precursor to the next step when the taxman may start demanding taxes in some cases. Investors who route their investments through tax havens like Singapore.