Section 6 - Amendment of section 115JB - Taxation Laws (Amendment) Act, 2019

Amendment of section 115JB. 6. In section 115JB of the Income-tax Act, with effect from the 1st day of April, 2020,- (a) in sub-section (1), the following proviso shall be inserted, namely:- Provided that for the previous year relevant to the assessment year commencing on or after the 1st day of April, 2020, the provisions of this subsection shall have effect as if for the words eighteen and one-half per cent. occurring at both the places, the words fifteen per cent. had been substituted. ; (b) for sub-section (5A), the following sub-section shall be substituted, namely:- (5A) The provisions of this section shall not apply to,- (i) any income accruing or arising to a company from life insurance business referred to in section 115B; (ii) a person who has exercised the option referred to under section 115BAA or section 115BAB. .