The Finance Bill 2015 has finally received the assent of the President on May 14th 2015 and has been enacted as the Finance Act 2015. However Section 2 to 81 of the Act shall be deemed to have come into force from 1st April 2015. The Parliament has made certain amendments to the original version of the Finance Bill, 2015 laid in Parliament on February 28, 2015 like widening the scope of exemptions from MAT to all the foreign companies from the earlier proposal to FPIs only; modifying the disclosure requirement in case of assets held outside India etc.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
