The government on Wednesday named Ashok Lahiri, former chief economic adviser, and Girish Ahuja, former associate professor of commerce in Delhi University, as the two members of the high-level panel announced by the government to look into the issues pertaining to levy of minimum alternate tax on foreign institutional investors (FIIs).
“To begin with, the committee will examine the matter relating to levy of MAT on FIIs for the period prior to April 1, 2015. The committee will examine all the related legal provisions, judicial and quasi judicial pronouncements and such other relevant aspects as it may consider appropriate,” the Central Board of Direct Taxes (CBDT) said in a statement.
It added that the committee, headed by Justice AP Shah, has been requested to give its recommendations on “expeditiously.”
Earlier, following the uproar on notices sent to FIIs for their alleged non-payment of capital gains tax on the profits made by them up to March 1, 2015, finance minister Arun Jaitley on May 7 announced the constitution of a committee under Shah to look into the issues, while responding to the discussions on the Finance Bill in the Rajya Sabha. The income tax department has sent 68 notices involving tax worth Rs 602.83 crore.
The CBDT said that apart from MAT, other issues will be referred to the panel in due course. “The committee may interact with various stakeholders as it may deem fit. It may also invite officers from department of revenue including CBDT for consultations,” the statement said adding that its term will be for one year, which can be increased.