MAT inapplicable on foreign Cos having no PE in India w.e.f. April 1, 2001; Govt. to amend IT Act

IT/ILT : Section 115JB of the Income-tax Act, 1961 – Minimum alternative tax – Government decided to amend Income-tax Act, 1961 so that with retrospective effect from 1-4-2001, provisions of section 115JB shall not be applicable to a foreign company if that foreign company is a resident of a country having DTAA with India and such foreign company does not have a permanent establishment within definition of that term in relevant DTAA