TMI BlogAmendment of section 115JB.X X X X Extracts X X X X X X X X Extracts X X X X ..... relatable to income by way of royalty in respect of patent chargeable to tax under section 115BBF; or ; (ii) in the long line,- (A) in clause (iif), for the words may be; occurring at the end, the words may be; or shall be substituted; (B) after clause (iif), the following clause shall be inserted, namely:- (iig) the amount of income by way of royalty in respect of patent chargea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment in India in accordance with the provisions of such agreement; or (ii) the assessee is a resident of a country with which India does not have an agreement of the nature referred to in clause (i) and the assessee is not required to seek registration under any law for the time being in force relating to companies. ; (II) after sub-section (6), the following sub-section shall be inserted wi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or after the 1st day of April, 2016; (c) convertible foreign exchange means a foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder. . - Clause 53 of the Bill seeks to amend section 115JB of the Income-tax Act relating to spec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Item (b) of sub-clause (i) of the said clause seeks to insert an Explanation so as to provide that the provisions of the said section, shall not be applicable and shall be deemed never to have been applicable to an assessee, being a foreign company, if (i) the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to insert a new subsection (7) in the said section so as to provide that in case of a company, being a unit of an International Financial Services Centre and deriving its income solely in convertible foreign exchange, the rate of tax under section 115JB shall be nine per cent. and also to define certain expressions used therein. This amendment will take effect from 1st April, 2017 and will, ac ..... X X X X Extracts X X X X X X X X Extracts X X X X
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