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MAT not to apply to foreign companies with retro effect
By TII News Service
Feb 01, 2018 , New Delhi

    

THE Finance Bill has proposed a clarificatory amendment with regard to section 115JB of the Income Tax Act, 1916 (Act) to provide that the provisions of section 115JB of the Act shall not be applicable and shall be deemed never to have been applicable to an assessee, being a foreign company, if its total income comprises solely of profits and gains from business referred to in section 44B ( Shipping Business) or section 44BB (business of exploration of mineral oils etc) or section 44BBA (business of operation of Air craft) or section 44BBB (business of civil construction etc) and such income has been offered to tax at the rates specified in the said sections.

This amendment will take effect, retrospectively from 1st April, 2001 and will, accordingly, apply in relation to the assessment year 2001-02 and subsequent assessment years.

 
 
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