9911796707
TMI BlogForeign portfolio investors (FPIs)X X X X Extracts X X X X X X X X Extracts X X X X ..... Foreign portfolio investors (FPIs) X X X X Extracts X X X X X X X X Extracts X X X X ..... aised by them. On the recommendations of the committee, an amendment in section 115JB of the Income-tax Act, 1961 has been carried out vide Finance Act, 2016 to the effect that MAT will not be applicable to foreign companies with effect from 01.04.2001, if (i) the assessee is a resident of a country or a specified territory with which India has an agreement referred to in sub-section (1) of secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 90 of the Income-tax Act, 1961 ('the Act') or the Central Government has adopted any agreement under sub-section (1) of section 90A of the Act and the assessee does not have a permanent establishment in India in accordance with the provisions of such agreement; or (ii) the assessee is a resident of a country with which India does not have an agreement of the nature referred to in clause (i) an ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the assessee is not required to seek registration under any law for the time being in force relating to companies.
This was stated by Shri Santosh Kumar Gangwar, Minister of State in the Ministry of Finance in written reply to a question in Lok Sabha today.
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