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of <h1>India Excludes Foreign Companies Without Permanent Establishment from MAT u/s 115JB, Effective April 1, 2001.</h1> The Government of India clarified the non-applicability of Minimum Alternate Tax (MAT) under section 115JB of the Income Tax Act, 1961, to foreign companies, including Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs), without a permanent establishment in India, effective from April 1, 2001. This decision follows a recommendation to amend the law, as communicated in a press release and confirmed to the Supreme Court in the Castleton Investment Ltd. case. Pending assessments should align with this decision, and an amendment will be included in the Finance Bill, 2016.
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