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MAT no longer applicable to foreign companies - (24 Sep 2015)

MANU/PIBU/1298/2015

Direct Taxation

Government of India has decided that with effect from 01.04.2001, the provisions of Section 115JB of the Income Tax Act, 1961 will not be applicable to a foreign company, if it is a resident of a country with which India has concluded a Double Tax Avoidance Agreement (DTAA); and it does not have a permanent establishment within the definition of the term in the relevant DTAA. Amendments to the Income Tax Act reflecting the same have been proposed.

Tags : MAT 115JB INCOME TAX FOREIGN COMPANY

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