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of <h1>Government to Amend Section 115JB: No MAT for FIIs/FPIs Without Permanent Establishment in India Pre-April 2015.</h1> A committee chaired by Justice A.P. Shah examined the applicability of Minimum Alternate Tax (MAT) on Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) for the period before April 1, 2015. The committee recommended amending Section 115JB of the Income-tax Act, 1961, to clarify that MAT provisions do not apply to FIIs/FPIs without a permanent establishment or place of business in India. The government accepted this recommendation and will amend the Act accordingly. Field authorities are advised to pause assessment proceedings and not pursue outstanding demands related to this issue for the specified period.
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