(Last Updated On: April 15, 2018)
Section 39 of Finance Act 2018
[Section 39 of Finance Act 2018 deals with Amendment of section 115JF. and is covered in CHAPTER III DIRECT TAXES]
Amendment of section 115JF.
39. In section 115JF of the Income-tax Act, with effect from the 1st day of April, 2019,—
| (i) | | for clause (b), the following clause shall be substituted, namely:— |
| ‘(b) | | “alternate minimum tax” means the amount of tax computed on adjusted total income,— |
| (i) | | in case of an assessee being a unit referred to in sub-section (4) of section 115JC, at a rate of nine per cent; |
| (ii) | | in any other case, at a rate of eighteen and one-half per cent;’; |
| (ii) | | after clause (b), the following clauses shall be inserted, namely:— |
| ‘(ba) | | “convertible foreign exchange” means a foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purpose of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder; |
| (bb) | | “International Financial Services Centre” shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);’; |
| (iii) | | after clause (d), the following clause shall be inserted, namely:— |
| ‘(e) | | “unit” means a unit established in an International Financial Services Centre.’. |