Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: form 3cd :: list of goods taxed at 4% :: VAT RATES :: VAT Audit :: TDS :: cpt :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: due date for vat payment :: Central Excise rule to resale the machines to a new company
 
 
« General »
 How to claim tax benefit on tuition fees under Section 80C
 Online Income Tax grievance redressal facility launched at 60 offices
 Demonetisation impact on government tax revenue marginal; direct tax personal income grew at above budget estimates
 ICAI seeks more accountability, transparency in defence sector
 Will Budget help double farmers’ income?
 Verify online deposits made post demonetisation, income tax department asks taxpayers
 Union Budget 2017: Best budget is do not change anything, do no harm, implement well
 Why salaried class deserves standard deduction
 3 new taxes that Modi government could introduce, but won't
 Tax gains may showcase demonetisation windfall
 Tax exemption for ELSS will help broaden investor base, channel household savings

Justice A P Shah panel holds meeting with tax department on MAT issue
July, 08th 2015

The high-level Justice A P Shah panel, set up to look into the levy of MAT on FIIs today held consultations with officials of the tax department.

The committee constituted in May has already met various industry chambers to elicit their views on the controversy related to levying Minimum Alternate Tax (MAT) on FIIs earnings.

The three-member committee, which includes former Chief Economic Advisor Ashok Lahiri and Chartered accountant Girish Ahuja, is scheduled to meet on July 13 to deliberate on comments which it has received from various stakeholders.

The revenue department, according to sources, is of the view that MAT is not applicable on FIIs and the notices were sent to them following a verdict by the Authority of Advance Ruling (AAR).

In 2012, the AAR directed Castleton to pay MAT in India on their book profits when it transferred shares from a Mauritius entity to a Singapore entity.

Assocham, in its representation to committee said, that government should issue a clarification that MAT provisions were never intended and do not apply to FIIs/FPIs.

"It is also requested (that you should) recommend to the Government to direct the Revenue authorities to stay the demand raised on FIIs/FPIs and not to take any coercive action, till the time the MAT issue is resolved.

"The above action would be in accordance with the government's intention of providing a non-adversarial and stable tax regime to the taxpayer in India," the chamber said.

Although the Shah panel has one-year term, sources said the committee would submit its report on the MAT issue much earlier as the Finance Ministry is keen that it gives its recommendations "expeditiously".

The Shah Committee has been entrusted with the task of examining MAT notices to the Foreign Institutional Investors (FIIs) for the period prior to April 1, 2015.

The Income Tax Department had sent notices to 68 foreign institutional investors (FIIs) demanding Rs 602.83 crore as MAT dues of previous years. This has raked up a big controversy, with FIIs moving higher court challenging the MAT demand.

Finance Minister Arun Jaitley in Budget 2015-16 has exempted FIIs from paying MAT with effect from April 1, 2015.

Following the announcement of setting up of the panel, the tax department has directed its field officers to put on hold issuance of fresh notices and any further assessments on levy of this tax on such entities.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Customer relationship management software CRM software Operational CRM Collaborative CRM

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions