The Income Tax department is contemplating an investigation into Jane Street following SEBI’s accusations of market manipulation. The probe will focus on potential violations of General Anti-Avoidance Rules (GAAR) and permanent establishment norms, particularly analyzing the firm’s structure involving Indian and offshore entities. Authorities are concerned that profits attributed to Singapore may have tax implications in India.
Key highlights:
• SEBI accused Jane Street of market manipulation.
• Investigation to scrutinize GAAR and permanent establishment norms.
• Profits from Singapore operations may have tax implications in India.
The development could have significant implications for Indian markets and regulatory oversight.
Source: Economic Times