Amendment of section 115JC.
55. In section 115JC of the Income-tax Act, for sub-section (5), the following sub-section shall be substituted with effect from the 1st day of April, 2024, namely:––
“(5) The provisions of this section shall not apply to a person, where––
(i) such person has exercised the option referred to in sub-section (5) of section 115BAC or sub-section (5) of section 115BAD or sub-section (5) of section 115BAE; or
(ii) income-tax payable in respect of the total income of such person is computed under sub-section (1A) of section 115BAC.”.
Notes on Clauses:
Clause 55 of the Bill seeks to amend section 115JC of the Income-tax Act relating to special provisions for payment of tax by certain persons other than a company.
It is proposed to amend sub-section (5) of the said section to provide that the provisions of the said section shall not apply to a person, where––
(i) such person has exercised the option referred to in sub-section (5) of section 115BAC or sub-section (5) of section 115BAD or sub-section (5) of section 115BAE;
or
(ii) income-tax payable in respect of the total income of such person is computed under sub-section (1A) of section 115BAC.
This amendment will take effect from 1st April, 2024 and will, accordingly, apply in relation to the assessment year 2024-2025 and subsequent assessment years.
