MCA:
MCA has exempted the Government Companies producing Defence Equipment including the Space Research subject to fulfillment of conditions prescribed relating to Additional information of the General Instruction for preparation of Statement of Profit and Loss in Schedule III of the Companies Act, 2013. The Board of Directors of such Company must give their consent with regard to non-disclosure of information relating to para 5(ii)(a)(1), 5(ii)(a)(2), 5(il)(e), 5(iii), s(viii)(a), 5(viii)(b), 5(viii)(c) and s(viii)(e), as may be applicable and the Company shall disclose in the Notes forming part of the balance sheet and profit and loss account, the fact of grant of exemption under this notification. Further, all such companies shall comply with the prescribed Accounting Standards and shall ensure that its financial statements represent a true and fair state of affairs of its finances. This notification shall be applicable in respect of financial statement prepared in respect of the financial years ending on or after the 31’t March, 20-t6.
CBDT:
A Committee on Direct Tax matters chaired by Justice A. P. Shah was constituted with the initial mandate to examine the matter relating to levy of MAT on FIIs/FPIs for the period prior to 01.04.2015. The Committee has submitted its final report on applicability of MAT on FIIs/FPIs for the period prior to 01.04.2015 to the Government on 25.08.2015. The Committee has recommended that section 115JB of the Income-tax Act may be amended to clarify the in-applicability of MAT provisions to FIIs/FPIs. The Government has accepted the recommendation of the Committee to clarify the in-applicability of MAT to FIIs/FPIs and has decided that an appropriate amendment to the Income-tax Act will be carried out. Pending such amendment, CBDT will convey to the field formations the decision of the Government to accept the recommendation.
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