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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2012 Chapters List Chapter III - Part 1 Direct Taxes - Income Tax This

Clause 49 - Amendment of section 115JD. - FINANCE BILL, 2012

FINANCE BILL, 2012
Chapter III - Part 1
Direct Taxes - Income Tax
  • Contents

Amendment of section 115JD.

49. In section 115JD of the Income-tax Act, in sub-section (1), for the words, figures and letters “a limited liability partnership under section 115JC shall be allowed to it”, the words, figures and letters “a person under section 115JC shall be allowed to him” shall be substituted with effect from the 1st day of April, 2013.

 



 

Notes on Clauses:

Clause 49 of the Bill seeks to amend section 115JD of the Income-tax Act relating to tax credit for alternate minimum tax.

The existing provisions of sub-section (1) of the aforesaid section 115JD provide that the credit for tax paid by limited liability partnership under section 115JC shall be the excess of the alternate minimum tax paid over the regular income-tax payable.

It is proposed to substitute “a person under section 115JC shall be allowed to him” in place of “a limited liability partnership under section 115JC shall be allowed to it” used in the aforesaid section so as to provide that the credit for tax paid by a person under section 115JC shall be allowed to him in accordance with the provision of said section.

This amendment will take effect from 1st April, 2013 and will, accordingly, apply in relation to the assessment year 2013-2014 and subsequent assessment years.

 
 
 
 

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