Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Direct Tax »
Open DEMAT Account in 24 hrs
 Average tax return processing time cut to 10 days: CBDT
 7 types of Income Tax Notice ITR filers may receive for AY 2023-24
 ITR filing: Do these advance preparations before filing your income tax return
 What are the strategies to maximize tax refunds after submitting an income tax return (ITR)?
 ITR filing: Tax rules on income from house property that your should know
 CBDT likely to issue rules on angel tax next week
 Pension Taxation: Everything you need to know for ITR filing
 Income tax guide on pension: How to file pension income in ITR?
 Six Tax Deducted at Source (TDS) Rules Changed. Heres What Every Taxpayer Should Know
 ITR filing rules for children 2023: When is it mandatory to pay taxes and file returns?
 ITR filing Last Date 2023-2024: Due date to file Income Tax Return

CBDT to expeditiously process MAT exemption claims of FIIs
August, 01st 2015

Government today said the tax department will expeditiously process the cases where FIIs have claimed exemption from minimum alternate tax (MAT) as a benefit under the bilateral tax treaties.

"The CBDT ( Central Board of Direct Taxes) has directed its officers to expeditiously process the cases where the Foreign Institutional Investors (FIIs) have claimed treaty benefits under the Double taxation Avoidance Agreements (DTAA)," Minister of State for Finance Jayant Sinha said.

The Income Tax Department has sent notices in 68 cases to FIIs for payment of dues totalling Rs 602.83 crore towards MAT.

In a written reply to a question in the Lok Sabha, Sinha said the CBDT has directed that issuance of fresh notices for reopening of cases as also completion of assessment should be put on hold unless the case is getting barred by limitation.

Sinha further said: "The CBDT has not received any application for arbitration from any FII on this issue."

As the MAT notices rocked the markets, the tax department had assured FIIs based in countries with whom India has DTAAs, that they would be exempt from the 20 per cent levy.

The Finance Ministry had in May also set up a 3-member committee under Justice A P Shah to examine the matter relating to levy of MAT on FIIs prior to April 2015. The Committee has submitted its report to the Minister on July 24.

The Budget 2015-16 has exempted FIIs from paying MAT with effect from April 1, 2015.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting