an appropriate Amendment to the Income-Tax Act will be carried out

Government accepts the Recommendation of the Justice A.P. Shah Committee to clarify the Inapplicability of MAT to FIIs/FPIs and has decided that an appropriate Amendment to the Income-Tax Act will be carried out; 


Final Report of the Justice A.P. Shah Committee on Direct Tax Matters Constituted with the Initial Mandate to Examine the Matter Relating to Levy of MAT on FIIs/FPIs for the Period Prior to 01.04.2015 Released 

                    A Committee on Direct Tax matters chaired by Justice A.P. Shah was constituted with the initial mandate to examine the matter relating to levy of MAT on FIIs/FPIs for the period prior to 01.04.2015. The Committee has submitted its final report on applicability of MAT on FIIs/FPIs for the period prior to 01.04.2015 to the Government on 25.08.2015. 


The Committee has recommended that section 115JB of the Income-tax Act may be amended to clarify the inapplicability of MAT provisions to FIIs/FPIs. Alternatively, the Committee has suggested that a Circular may be issued clarifying the inapplicability of MAT provisions to FIIs/FPIs.

The Government has accepted the recommendation of the Committee to clarify the inapplicability of MAT to FIIs/FPIs and has decided that an appropriate amendment to the Income-tax Act will be carried out.  Through the amendment the Government proposes to clarify 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 01.04.2015. Pending such amendment, CBDT will convey to the field formations the decision of the Government to accept the recommendation.

The Report of the Committee is available on the website of the Finance Ministry and the Income-tax Department at www.finmin.nic.in and www.incometaxindia.gov.in   

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Ms Anjuly Chib Duggal Takes Over as Secretary, Department of Financial Services(DFS), Ministry of Finance 

Ms Anjuly Chib Duggal, IAS (PB:1981) took over as Secretary, Department of Financial Services, Ministry of Finance, Government of India here yesterday afternoon. She succeeded Dr. Hasmukh Adhia, IAS (GJ:1981) who, in turn, has taken over as Revenue Secretary in the same Ministry. 

Before taking over as Secretary, DFS, Ms Duggal was holding the charge of Secretary, Ministry of Corporate Affairs. Before that she had worked in different capacities including Special Secretary, Additional Secretary and Joint Secretary in the Department of Expenditure, Ministry of Finance, Government of India. 

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Dr. Hasmukh Adhia takes over as Revenue Secretary 


            Dr. Hasmukh Adhia (IAS:GUJ (1981) took over as the Revenue Secretary, Ministry of Finance, Goverrnment of India here today. Earlier Dr. Adhia was holding the charge of Secretary, Department of Financial Services (DFS) in the same Ministry. Dr. Adhia  had also earlier worked as the Finance Secretary in his cadre i.e. in the State of Gujarat.

Later speaking to the media persons, Dr. Adhia said that his priorities among others would be to bring miore transparency in the functioning of the Departmen of Revenuet through the optimum use of Information Technology (IT) and simplication of rules and procedures for better tax administration. He said that he will review the GST readiness for both Central and State Governments so that it is implemented in a time bound manner soon after after the GST Contitution Amendment Bill is passed by the Parliament and ratified by the State Legislatures. Dr Adhia also sought suggestions regarding tax reforms including rules and procedures etc from people at large on his email : adhia1981@gmail.com. This will help in providing better services to the tax payers at large, he added.


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Shaktikanta Das Takes over as Secretary, Department of Economic Affairs 

Shri Shaktikanta Das (IAS:TN (1980) has taken over the charge as Secretary, Department of Economic Affairs, Ministry of Finance yesterday. Shri Das was earlier holding the assignment of Secretary, Department of Revenue in the same Ministry. Earlier Shri Das has worked in the Department of Economic Affairs as Additional Secretary as well as Joint Secretary (Budget). 

Shri Shaktikanta Das today held a meeting with the senior officers of the Department and reviewed the status of various issues being dealt in the Department.