CBDT on 24-09-2015 has issued a press release in which it is mentioned that Government of India has Decides to Amend Income-Tax Act 1961 so that with Effect from 1st April, 2001, the Provisions of Section 115JB Shall Not be Applicable to a Foreign Company If the Foreign Company is a Resident of a Country Having DTAA with India and Such Foreign Company Does Not have a Permanent Establishment within the Definition of the Term in the Relevant DTAA; Or the Foreign Company is a Resident of a Country Which Does Not have a DTAA with India and Such Foreign Company is Not Required to Seek Registration Under Section 592 of the Companies Act 1956 or Section 380 of the Companies Act 2013.
