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CBDT Advises Its Field Authorities To Keep In Abeyance

Friday, September 04, 2015
By A Business Reporter

MAT On FIIS/FPIS

Following the acceptance of the recommendation of the Justice A.P.Shah Committee by the Government, the CBDT has advised its field authorities to keep in abeyance, for the time being, the pending assessment proceedings in cases of FIIS/FPIS Involving the Applicability of Minimum Alternate Tax (MAT) on FIIS/FPIS for the Period Prior to 01.04.2015.

The CBDT further advised them not to pursue the recovery of outstanding demands, if any, in such cases.

Incidentally, a Committee on Direct Tax Matters chaired by Justice A.P.Shah , was constituted to examine the issue of applicability of Minimum Alternate Tax (MAT) on FIIs/FPIs for the period prior to 01.04.2015.

The Committee has submitted its Final Report to the Government on 25.08.2015. The Committee has recommended that Section 115JB of the Income Tax Act , 1961 (‘Act’) may be amended to clarify the inapplicability of the provisions of Section 115JB to FIIs/FPIs having no permanent establishment (PE)/place of business in India.

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