Amendment of section 115JEE
39. In section 115JEE of the Income-tax Act, with effect from the 1st day of April, 2015,—
(A) in sub-section (1), for clause (b), the following clauses shall be substituted, namely:––
“(b) section 10AA; or
(c) section 35AD.”;
(B) after sub-section (2), the following sub-section shall be inserted, namely:––
“(3) Notwithstanding anything contained in sub-section (1) or sub-section (2), the credit for tax paid under section 115JC shall be allowed in accordance with the provisions of section 115JD.”.
Notes on Clauses:
Clause 39 of the Bill seeks to amend section 115JEE of the Income-tax Act relating to application of the Chapter XII-BA to certain persons.
The existing provisions of sub-section (1) of section 115JEE provide that the Chapter shall be applicable to any person who has claimed a deduction under Part C of Chapter VI-A or claimed a deduction under section 10AA. Further the present provisions of sub-section (2) of section 115JEE provide that the Chapter shall not be applicable to an individual or an Hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person, if the adjusted total income does not exceed twenty lakh rupees.
It is proposed to insert a new clause (c) in sub-section (1) so as to apply the Chapter to a person who has claimed deduction under section 35AD.
It is further proposed to insert a new sub-section (3) in section 115JEE so as to provide that notwithstanding anything contained in sub-section (1) or sub-section (2), the credit for tax paid under section 115JC shall be allowed in accordance with the provisions of section 115JD.
These amendments will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent years.
