Section 115JF - Interpretation in this Chapter - Income-tax Act, 1961

[1] Interpretation in this Chapter.- 115JF. In this Chapter- (a) accountant shall have the same meaning as in the Explanation below sub-section (2) of section 288; 4 [(b) alternate minimum tax means the amount of tax computed on adjusted total income, 7 [ (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.; ] (ii) in any other case, at a rate of eighteen and one-half per cent.;] 5 [(ba) 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 purpose of the Foreign Exchange Management Act, 1999 (42 of 1999)and the rules made thereunder; (bb) International Financial Services Centre shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);] (c) 2 [****] (d) regular income-tax means the income-tax payable for a previous year by 3 [ a person on his total income ] in accordance with the provisions of this Act other than the provisions of this Chapter. 6 [(e) unit means a unit established in an International Financial Services Centre.] ******************** Notes: 1. Inserted vide Finance Act, 2011, w.e.f. 1.4.2012 2. Omitted vide Finance Act, 2012, w.e.f. 01-04-2013, before it was read as;- (c) limited liability partnership shall have the same meaning as assigned to it in clause (n) of sub-section (1) of section 2 of the Limited Liability Partnership Act, 2008 (6 of 2009); 3. Substituted vide Finance Act, 2012, w.e.f. 01-04-2013, before it was read as;- a limited liability partnership on its total income 4. Substituted vide THE FINANCE ACT, 2018 , w.e.f. 1st day of April, 2019, before it was read as, (b) alternate minimum tax means the amount of tax computed on adjusted total income at a rate of eighteen and one-half per cent; 5. Inserted vide THE FINANCE ACT, 2018 , w.e.f. 1st day of April, 2019 6. Inserted vide THE FINANCE ACT, 2018 , w.e.f. 1st day of April, 2019 7. Substituted vide Finance Act, 2022 w.e.f. 01-04-2023 before it was read as (i) in case of an assessee being a unit referred to in sub-section (4) of section 115JC, at a rate of nine per cent.;