Latest Expert Exchange Queries

Make your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
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: Central Excise rule to resale the machines to a new company :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: empanelment :: form 3cd :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: VAT RATES :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: VAT Audit :: TDS :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: cpt
 
 
Direct Tax »
 CBDT: GST not to be added for TDS computation
 Five interest incomes you are likely to forget to include in your tax return
 GST not to be added for TDS computation
 GST not to be added for TDS computation
 Income Tax Return (ITR) Filing: Common Mistakes That Could Get You A Tax Notice
 Income Tax department asks tax practitioners to register entities separately
 Last Date To File Income Tax Return. Here Are The Details
 New tax regime will deliver a mixed bag with some items turning costly
 New members at CBEC, CBDT
 CBDT signs 5 more unilateral advance pricing agreements with taxpayers
 Find out potential taxpayers; focus on smaller cities: CBDT to taxmen

CBDT asks officials not to pursue pending MAT cases
September, 07th 2015

Days after the government decided to exempt foreign funds from tax on profits earned before April 1, the CBDT on Thursday issued a circular asking its fields officers to keep in abeyance pending assessments and not to recover any outstanding demand.

To resolve a dispute that had shaken investor confidence, Finance Minister Arun Jaitley on Tuesday said the government will not to retrospectively impose Minimum Alternate Tax (MAT) on capital gains made by Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs).

Days after the government decided to exempt foreign funds from tax on profits earned before April 1, the CBDT on Thursday issued a circular asking its fields officers to keep in abeyance pending assessments and not to recover any outstanding demand.

The Central Board of Direct Taxes (CBDT) in a circular said it has been decided to carry out appropriate amendment to the Income Tax Act "so as to prescribe that MAT provisions will not be applicable to FIIs/FPIs not having a place of business/permanent establishment in India, for the period prior to April 1, 2015." Jaitley had exempted future profits made by foreign funds from levy of MAT in the Budget for 2015-16.

"The field authorities are accordingly advised to take into consideration the above position and keep in abeyance, for the time-being, the pending assessment proceedings in cases of FIIs/FPIs... They are further advised not to pursue the recovery of outstanding demands, if any, in such cases," CBDT said.

The government, Jaitley had said on Tuesday, accepted the recommendations of an expert committee formed to study MAT and will amend the Income Tax Act to clarify that foreign funds will not be subject to MAT.

The confusion over MAT erupted after the tax department sent notices to 68 FIIs demanding Rs 602.83 crore as MAT dues.

On Tuesday, Jaitley said the government has accepted the recommendations of the Justice A P Shah panel that there was no basis for levy of such tax for the prior period as well. The government, he said, decided to amend the Income Tax Act to clarify the issue with regard to levy of MAT on FIIs and in the meantime CBDT field officers will be asked not to pursue cases against FIIs.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Multi-level Marketing MLM India Affiliate Marketing Affiliate Marketing Software MLM Software MLM Solutions Multi level marketing solutions MLM Servi

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