Dear All   Budget 2018: The Finance Act, 2016, had said minimum alternate tax (MAT) won’t apply to foreign institutional investors (FIIs) and foreign portfolio investors (FPIs) as they normally won’t have a place of business in India and given the decision retrospective effect from 2001. Budget 2018-19 has gone a step further: It clarified that foreign companies in specified infrastructure sectors, which operate in the country with permanent establishment (PE) — read branch offices — but are under Section 44BB, given the facility of paying tax on a presumptive income basis won’t have to dread MAT.

• Shailesh Kumar, Director- Direct Taxation shares his views on aforementioned story for Financial Express.
• Suraj Nangia, Partner  shares his views on the queries raised by Financial Express readers.

In order to curb tax evasion and black money, many steps were taken by the government and the income-tax department in the last few years. In its drive, the tax department has initiated prosecution against those suspected of tax evasion. Shailesh Kumar, Director shares his views on aforementioned story for Livemint.