Section 37 of Finance Act 2018 : Amendment of section 115JB Income Tax Act

By | April 1, 2018
(Last Updated On: April 15, 2018)

Section 37 of Finance Act 2018

[Section 37 of Finance Act 2018 deals with Amendment of section 115JB. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 115JB.

37. In section 115JB of the Income-tax Act,—

(a)in Explanation 1,—
(A)after clause (iig), the following clause shall be inserted, namely:—
‘(iih)the aggregate amount of unabsorbed depreciation and loss brought forward in case of a company against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section 9 or section 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).
Explanation.—For the purposes of this clause, the expression “Adjudicating Authority” shall have the meaning assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the loss shall not include depreciation; or’;
(B)in clause (iii), after the words “books of account”, the words, brackets, figures and letter “in case of a company other than the company referred to in clause (iih)” shall be inserted;
(b)after Explanation 4, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2001, namely:—
Explanation 4A.—For the removal of doubts, it is hereby clarified that the provisions of this section shall not be applicable and shall be deemed never to have been applicable to an assessee, being a foreign company, where its total income comprises solely of profits and gains from business referred to in section 44B or section 44BB or section 44BBA or section 44BBB and such income has been offered to tax at the rates specified in those sections.”.

Finance Act 2018 : Assented by President : Download Print Notification

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