Industry body Assocham today suggested that Indian companies’ earning from overseas firms, in which they hold over 10 per cent stake, should be exempted from income tax. The move, the chamber said, would help Indian entrepreneurs bring back their foreign exchange income earned outside India and invest it domestically.

It has suggested a provision in the Draft Tax Code to enable recipients of dividends and capital gains from sale of shares in foreign companies, in which Indian entity has over 10 per cent equity stake, be exempted from income-tax. Indian industry is becoming globally competitive and this has necessitated setting up of subsidiaries or joint ventures, it said.

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