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Amendment of section 115JB.

Clause 53 - Bills - DIRECT TAXES - FINANCE BILL, 2016 - Clause 53 - 53. In section 115JB of the Income-tax Act,- (I) after sub-section (2),- (a) in Explanation 1, with effect from the 1st day of April, 2017,- (i) after clause (fc), the following clause shall be inserted, namely:- (fd) the amount or amounts of expenditure 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; occurr .....

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-For the removal of doubts, it is hereby clarified that the provisions of this section shall not be applicable and shall be deemed never to have been applicable to an assessee, being a foreign company, if- (i) the assessee is a resident of a country or a specified territory with which India has an agreement referred to in sub-section (1) of section 90 or the Central Government has adopted any agreement under sub-section (1) of section 90A and the assessee does not have a permanent establishment .....

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where the assessee referred to therein, is a unit located in an International Financial Services Center and derives its income solely in convertible foreign exchange, the provisions of sub-section (1) shall have the effect as if for the words eighteen and one-half per cent. wherever occurring in that sub-section, the words nine per cent. had been substituted. Explanation.-For the purposes of this sub-section,- (a) International Financial Services Centre shall have the same meaning as assigned to .....

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amend section 115JB of the Income-tax Act relating to special provision for payment of tax by certain companies. Item (a) of sub-clause (I) of the said clause seeks to insert a new clause (fd) in Explanation 1 to sub-section (1) of the aforesaid section so as to provide that the book profit shall be increased by an amount or amounts of expenditure relatable to income, by way of royalty in respect of patent chargeable to tax in accordance with the provisions of section 115BBF. It is further propo .....

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