Tax norms aimed at shell companies only, says Hasmukh Adhia

Budget has cut corporation tax on micro, small and medium enterprises by 5 percentage points: Adhia

While Budget 2017-18 has exempted category I and II of foreign portfolio investors (FPIs) such as banks, asset management companies, government-related entities and portfolio managers from indirect transfer provisions, there was anxiety among other categories such as corporate bodies and trusts that they will come under the norms. Revenue Secretary Hasmukh Adhia tells Arup Roychoudhury & Indivjal Dhasmana that many others will also be exempt from these norms. Edited excerpts:
 
Private equity players and those holding stock options are worried that the government is after them following imposition of long-term capital gains tax (LCGT) if securities transaction tax is