Amendment of section 115JF.
52. In section 115JF of the Income-tax Act, with effect from the 1st day of April, 2013,—
(i) clause (c) shall be omitted;
(ii) in clause (d), for the words “a limited liability partnership on its total income”, the words “a person on his total income” shall be substituted.
Notes on Clauses:
Clause 52 of the Bill seeks to amend section 115JF of the Income-tax Act relating to interpretation in Chapter XII-BA.
The existing provisions of the aforesaid section 115JF define the expressions “accountant”, “alternate minimum tax”, “limited liability partnership” and “regular income-tax” for the purposes of Chapter XII-BA.
It is proposed to omit clause (c) relating to the definition of “limited liability partnership”.
It is further proposed to substitute “a person on his total income” in place of “a limited liability partnership on its total income” used in clause (d) thereof.
These amendments will take effect from 1st April, 2013 and will, accordingly, apply in relation to assessment year 2013-2014 and subsequent assessment years.