Clause 29 - Amendment of section 115JC - Finance Bill, 2022

Amendment of section 115JC. 29. In section 115JC of the Income-tax Act, for sub-section (4), the following sub-section shall be substituted with effect from the 1st day of April, 2023, namely: (4) Notwithstanding anything contained in sub-section (1), where the person referred to therein, is a (i) 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. , the words nine per cent. had been substituted; (ii) co-operative society, the provisions of sub-section (1) shall have effect as if for the words eighteen and onehalf per cent. , the words fifteen per cent. had been substituted. .