Minimum Alternate Tax (MAT)

MAT to be waived for FIIs

  1. Govt. has decided to waive the controversial MAT on capital gains made by FIIs prior to April 1, 2015.
  2. The decision to be carried out through an amendment to Income Tax Act.
  3. Earlier, Justice A.P. Shah Committee has said that there is no legal basis for levying 20% MAT on past capital gains.
  4. Finance ministry has already exempted FIIs from MAT from April 1, 2015, through a provision in the 2015-16 budget.

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