SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 23 Apr, 2015  

Rupee_DollarTHMB.jpg Centre considering MAT rules changes for clarifications

FDI.9.jpg
   Top Stories
» 49% Indian startups now from tier 2, 3 cities: Jitendra Singh
» 'India ranks 3rd in global startup ecosystem & number of unicorns'
» Tripura exported over 9K tonnes of pineapples in 2 years
» CPI inflation eases to 6.71% in July, IIP falls to 12.3%
» Rupee depreciates 12 paise to close at 79.64 against US dollar
SME Times News Bureau | 24 Apr, 2015
The government is considering clarificatory amendments to the rules on minimum alternate tax (MAT) for the benefit of foreign investors who are faced with retrospective capital tax gains demands worth Rs.40,000 crore.

"Clarificatory amendments to MAT rules are under consideration of the government," Minister of State for Finance Jayant Sinha told reporters here on Thursday on the sidelines of a conference on climate change.

In a meeting with foreign institutional investors (FIIs) here on Wednesday, Sinha asked them to wait for the court verdict. The matter has gone to the apex court and its decision is awaited.

However, the government has clarified that such demands would not apply to entities from jurisdictions like Singapore and Mauritius, which have Double Taxation Avoidance Agreements (DTAAs) with India.

On Tuesday, a senior finance ministry official said the government will not yield to the demand of FIIs to withdraw tax notices issued to them.

Finance Minister Arun Jaitley in his first full budget speech on February 28 said that capital gains made by foreign investors from the current fiscal would be exempted from minimum alternative tax (MAT), but the exemption does not apply retrospectively.

Many foreign investors have been concerned about receiving notices requesting their MAT calculations for the financial year 2011-2012. Jaitley said in Washington last week that these companies had asked for a waiver on the ground it was an unfair tax, but they lost the case in courts.

"So, for future, I have abolished it (minimum alternate tax on capital gains) from April 1, 2015," he said. "But their expectation that having lost the case, the state must now intervene, that looks a little difficult from my point of view."

The finance minister, however, said such funds had the option to take their appeal to the courts.
 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
PM Modi's recent US visit to redefine India-US bilateral relations
 Yes
 No
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter