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of <h1>Government to Exempt FIIs and FPIs from Minimum Alternate Tax Before April 2015 Following Justice A.P. Shah's Advice.</h1> The government has accepted the recommendation from the Justice A.P. Shah Committee to clarify the inapplicability of Minimum Alternate Tax (MAT) to Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) for periods before April 1, 2015. An amendment to the Income-tax Act will be made to ensure MAT provisions do not apply to FIIs/FPIs without a business presence in India. Until the amendment is enacted, the Central Board of Direct Taxes (CBDT) will inform relevant authorities of this decision. The committee's report is accessible on the Finance Ministry and Income-tax Department websites.
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