Amendment of section 115JF.
30. In section 115JF of the Income-tax Act, in clause (b), for sub-clause (i), the following sub-clauses shall be substituted with effect from the 1st day of April, 2023, namely:––
‘(i) in case of an assessee being a unit referred to in clause (i) of sub-section (4) of section 115JC, at the rate of nine per cent.;
(ia) in case of an assessee, being a co-operative society referred to in clause (ii) of sub-section (4) of section 115JC, at the rate of fifteen per cent.;’.
Notes on Clauses:
Clause 30 seeks to amend section 115JF of the Income-tax Act relating to interpretation in the Chapter XII-BA.
The said section provides for definitions of earlier terms and expressions used in the said Chapter.
Clause (b) of the said section provides for the definition of “alternate minimum tax”.
It is proposed to substitute the sub-clause (i) to provide that the rate of alternate minimum tax, in case of an assessee, being a unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, shall be nine per cent., and in case of an assessee, being a co-operative society, fifteen per cent.
This amendment will take effect from 1st April, 2023 and will, accordingly, apply in relation to the assessment year 2023-2024 and subsequent assessment years.
