Income of the Alternative Investment Funds (AIFs) will be taxed at the maximum rate of 30%, the revenue department said.

AIFs are basically funds incorporated in India for the purpose of pooling in capital from Indian and foreign investors for investing as per a pre-decided policy.

The circular further said that once the tax has been paid by the representative assessee, the investors will not be liable for any tax.  The circular clarified,  that the new norms will not operate in area falling in the jurisdiction of High Court, which has taken or takes contrary decision on the issue.

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