It has been reported that an internal Committee set up by the Indian Central Board of Direct Taxes (CBDT) to recommend simplification of the Indian tax laws is to review the existing tax treatment of income of "Foreign Institutional Investors" (FIIs) that operate through sub-accounts.
This development is reported to have been triggered by various FIIs (some successfully) seeking advance rulings to the effect that their income from the sale of shares in India was in the nature of "busines…