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Union Budget 2026-27 - Finance Bill, 2026
Certain foreign companies are excluded from the application of Minimum Alternate Tax (MAT) under the present provisions. The income of non-residents derived from certain business who opt for presumptive rate of taxation under section 61 of the Act are also excluded. However, certain other businesses who have opted for presumptive taxation under section 61 have not been so excluded.
In order to ensure similar treatment among all the different specified businesses of non-residents opting for presumptive taxation, it is proposed that two other specified businesses (business of operation of cruise ships and the business of providing services or technology for the setting up an electronics manufacturing facility in India to a resident company) shall also be excluded from the applicability of MAT
This amendment is proposed to take effect from the 1 st day of April, 2026, and will accordingly apply to tax year 2026-27 and subsequent tax years.
[Clause 50]
Full Text:
Non-resident cruise operations and electronics manufacturing services excluded from MAT when using presumptive taxation. Amendment excludes certain specified non-resident businesses that opt for presumptive taxation from the scope of Minimum Alternate Tax, adding cruise ship operations and services or technology for establishing electronics manufacturing facilities for resident companies to the excluded categories, with prospective application to subsequent tax years. of Press 'Enter' after typing page number.
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