<h1>Government to Amend Section 115JB to Exempt FIIs and FPIs from MAT Before April 2015.</h1> The Justice A.P. Shah Committee recommended amending section 115JB of the Income-tax Act, 1961, to clarify that Minimum Alternative Tax (MAT) provisions do not apply to Foreign Institutional Investors (FIIs) and Foreign Portfolio Investors (FPIs) without a business presence in India before April 1, 2015. The government accepted this recommendation and plans to amend the legislation accordingly. Currently, 489 applications are pending before the Authority for Advance Ruling (AAR), with some involving MAT issues. To address this, two new AAR benches have been established in Mumbai and the National Capital Region, with necessary staffing provided.