Important CBDT Directive On Applicability Of MAT To Foreign Cos And FIIs
The CBDT has issued a letter dated 11th May 2015 on the issue of "Imposition of Minimum Alternate Tax (MAT) on foreign companies particularly FIIs". The CBDT has stated that in the light of the constitution of the Justice A. P. Shah Committee to look into the issue of applicability of MAT and the statement made by the Finance Minister on the issue in the Rajya Sabha, no coercive action should be taken for recovery of demand already raised. It is also stated that issue of fresh notices for reopening of cases and completion of assessment should also be put on hold unless the case is getting barred by limitation.
CBDT Chief Sends Clarion Call To Dept Top Brass For Widening Taxpayer Base
Hon'ble Ms. Anita Kapur, Chairperson of the CBDT, has addressed a letter dated 8th May 2015 to the Principal Chief Commissioners, Director Generals etc pointing out that the number of existing income tax payers is low compared to the potential and that the gap between the potential and the actual tax payers appears to be wider in the case of tier-II cities and towns. Ms Kapur has stated that considering the priorities of the Government and the need to widen the tax base, a concerted and focused effort in mission mode is required. She has called upon the department to strive for adding at least 25 lakhs new assesses per month during the current financial year. She has also stated that the assessment and investigation charges have been the mainstay of the Department's efforts to widen tax base. She has directed the top brass to come prepared to present and discuss specific strategies for widening the tax base of each region and at national level and also to send a brief note on the suggested strategy. The officers have also been requested to forthwith focus their attention on this issue and deploy & activate the officers to achieve this goal.
Regards,
Editor,
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