<h1>India Amends Income-Tax Act to Exempt Certain Foreign Companies from Section 115JB Provisions Starting April 2001.</h1> The government has decided to amend the Income-Tax Act, 1961, to exempt foreign companies from the provisions of Section 115JB, effective April 1, 2001. This exemption applies if the foreign company resides in a country with a Double Taxation Avoidance Agreement (DTAA) with India and lacks a permanent establishment as defined in the DTAA. It also applies to foreign companies from countries without a DTAA with India, provided they are not required to register under Section 592 of the Companies Act 1956 or Section 380 of the Companies Act 2013. This decision follows previous clarifications regarding the inapplicability of Minimum Alternate Tax (MAT) to certain foreign investors.