Section 38 of Finance Act 2018
[Section 38 of Finance Act 2018 deals with Amendment of section 115JC. and is covered in CHAPTER III DIRECT TAXES]
Amendment of section 115JC.
38. In section 115JC of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 2019, namely:—
‘(4) Notwithstanding anything contained in sub-section (1), where the person referred to therein, is a unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, the provisions of sub-section (1) shall have effect as if for the words “eighteen and one-half per cent”, the words “nine per cent” had been substituted.’.