Tax dept asks officials not to pursue pending MAT cases
Source: PIB, Government of India Following the acceptance of recommendation of the Justice A P Shah Committee, the Central Board of Direct Taxes (CBDT) advised its field authorities to keep in abeyance, for the time being, the pending assessment proceedings in cases of Foreign Institutional Investors (FIIs)/ Foreign portfolio investors (FPIs) involving the applicability of Minimum Alternate Tax (MAT) for the period prior to April 1, 2015. CBDT further advised the authorities not to pursue the recovery of outstanding demands, if any, in such cases. A committee on direct tax matters chaired by Justice A P Shah was constituted to examine the issue of applicability of MAT on FIIs/FPIs for the period prior to April 1, 2015. The Committee has submitted its ...
High-level committee to deal with Minimum Alternate Tax issues
The Dollar Business Bureau In a move to address the tax issues concerning the Foreign Institutional Investors (FIIs), the Government of India (GoI) has announced a high-level committee that would look into the tax-related matters involving FIIs. A statement to this effect on ‘setting up of a high-level committee’ was said to have been made by Arun Jaitley, Union Minister of Finance, GoI, on Friday. A high-level committee, announced by the Ministry of Finance, would give its recommendations on the issue of the Minimum Alternate Tax (MAT) that has been imposed on the FIIs by the GoI, say the reports. Further, the Revenue Secretary, Shaktikanta Das, was also quoted to have stated that the issue of MAT on FIIs ...
