Section 115JF

     

Interpretation in this Chapter.

115JF. In this Chapter—

(a) "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288;

(b) "alternate minimum tax" means the amount of tax computed on adjusted total income at a rate of eighteen and one-half per cent;

Following clause (b) shall be substituted for the existing clause (b) of section 115JF by the Finance Act, 2018, w.e.f. 1-4-2019 :

(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;

Following clauses (ba) and (bb) shall be inserted after clause (b) of section 115JF by the Finance Act, 2018, w.e.f. 1-4-2019 :

(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);

(c) [***]

(d) "regular income-tax" means the income-tax payable for a previous year by a person on his total income in accordance with the provisions of this Act other than the provisions of this Chapter.

Following clause (e) shall be inserted after clause (d) of section 115JF by the Finance Act, 2018, w.e.f. 1-4-2019 :

(e) "unit" means a unit established in an International Financial Services Centre.