TMI BlogSpecial provisions for payment of tax by certain persons other than a companyX X X X Extracts X X X X X X X X Extracts X X X X ..... shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent. (2) Adjusted total income referred to in sub-section (1) shall be the total income before giving effect to this Chapter as increased by- ( i ) deductions claimed, if any, under any section (other than section 80P) included in Chapter VI-A under the heading C.-Deductions in respect of certain incomes ; 3 [***] ( ii ) deduction claimed, if any, 4 [under section 10AA; and]. 5 [(iii) deduction claimed, if any, under section 35AD as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 as if no deduction under section 35AD was allowed in respect of the assets on which the deduction u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. Inserted vide Finance Act, 2011, w.e.f. 1.4.2012 2. Substituted vide Finance Act, 2012, w.e.f. 01-04-2013, before it was read as:- [1] 115JC. Special provisions for payment of tax by certain limited liability partnerships.- (1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a limited liability partnership is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed to be the total income of the limited liability partnership for such previous year and it shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... adjusted total income and the alternate minimum tax have been computed in accordance with the provisions of this Chapter and furnish such report on or before the due date of furnishing of return of income under sub-section (1) of section 139. 8. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2021 9. Substituted vide Finance Act, 2022 w.e.f. 01-04-2023 before it was read as 6 [(4) Notwithstanding anything contained in sub-section (1), where the person referred to therein, is a unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, the provisions of sub-section (1) shall have effect as if for the words eighteen and one-half per cent. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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