GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Name the committee to recommend that granting relief to FIIs on Minimum Alternate Tax (MAT) will be a positive thing for the market?
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AP Shah Committee
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K N Desai Committee
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Bimal Jalan Committee
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C Rangarjan Committee
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Explanation:
Detailed explanation-1: -4. AP Shah Committee has been constituted to examine MAT levied on FIIs.
Detailed explanation-2: -Direct Taxes Advisory Committee set up-Direct Taxes Administrative Enquiry Committee constituted. Income-tax Act, 1961 came into existence w.e.f. 1-4-1962. Revenue Audit introduced for the first time in the Department. New system for evaluation of work done by Income-tax Officers introduced.
Detailed explanation-3: -Minimum Alternate Tax (MAT) is a tax effectively introduced in India by the Finance Act of 1987, vide Section 115J of the Income Tax Act, 1961 (IT Act), to facilitate the taxation of ‘zero tax companies’ i.e., those companies which show zero or negligible income to avoid tax.
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