{"act":{"id":"finance-act-2018","short_title":"The Finance Act, 2018","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2018-2019.","act_number":"13","act_year":2018,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":227,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2018/"},"unit":"section","section":{"number":"39","heading":"Amendment of section 115JF","text":"Amendment of section 115JF. 39. In section 115JF of the Income-tax Act, with effect from the 1st day of April, 2019,— (i) | for clause (b), the following clause shall be substituted, namely:— '(b) | \"alternate minimum tax\" means the amount of tax computed on adjusted total income,— (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; (ii) | in any other case, at a rate of eighteen and one-half per cent;'; (ii) | after clause (b), the following clauses shall be inserted, namely:— '(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);'; (iii) | after clause (d), the following clause shall be inserted, namely:— '(e) | \"unit\" means a unit established in an International Financial Services Centre.'.","html":"<p><b> Amendment of section 115JF.</b></p><p><b> 39.</b> In section 115JF of the Income-tax Act, with effect from the 1st day of April, 2019,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>for clause (<i>b</i>), the following clause shall be substituted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>b</i>)</td><td></td><td>\"alternate minimum tax\" means the amount of tax computed on adjusted total income,—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in case of an assessee being a unit referred to in sub-section (4) of section 115JC, at a rate of nine per cent;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in any other case, at a rate of eighteen and one-half per cent;';</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>after clause (<i>b</i>), the following clauses shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>ba</i>)</td><td></td><td>\"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;</td></tr><tr><td>(<i>bb</i>)</td><td></td><td>\"International Financial Services Centre\" shall have the meaning assigned to it in clause (<i>q</i>) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);';</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>iii</i>)</td><td></td><td>after clause (<i>d</i>), the following clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>'(<i>e</i>)</td><td></td><td>\"unit\" means a unit established in an International Financial Services Centre.'.</td></tr></table></div>","words":198,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2018/section/39/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}