Substitution of new section for section 115JC
Section 50 of the Finance Act, 2012 deals with substitution of new section for section 115JC. Substitution of new section for section 115JC.
Substitution of new section for section 115JC.
50. For section 115JC of the Income-tax Act, the following section shall be substituted with effect from the 1st day of April, 2013, namely:—
'115JC. Special provisions for payment of tax by certain persons other than a company.—(1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a person, other than a company, is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed to be the total income of that person for such previous year and he shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent.
(2) Adjusted total income referred to in sub-section (1) shall be the total income before giving effect to this Chapter as increased by—
(i) deductions claimed, if any, under any section (other than section 80P) included in Chapter VI-A under the heading "C.—Deductions in respect of certain incomes"; and
(ii) deduction claimed, if any, under section 10AA.
(3) Every person to whom this section applies shall obtain a report, in such form as may be prescribed, from an accountant, certifying that the adjusted total income and the alternate minimum tax have been computed in accordance with the provisions of this Chapter and furnish such report on or before the due date of furnishing of return of income under sub-section (1) of section 139.'.
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Section 50, The Finance Act, 2012.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 50
What does Section 50 of the Finance Act deal with?
Section 50 of the Finance Act is headed "Substitution of new section for section 115JC". Substitution of new section for section 115JC.
How do I find court cases under Section 50 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2012 50, section 50 Finance Act 2012, section 50 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 50 of the Finance Act, and has it changed?
Its own text turns on Income-tax Act 115JC (Special provisions for payment of tax by certain persons other than a company), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 2012. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- First Schedule. First Schedule7049 words
- 2. Income-tax2690 words
- 41. Insertion of new Chapter X-A1832 words
- 19. Insertion of new section 54GB1044 words
- 40. Insertion of new sections 92CC and 92CD951 words
- 62. Insertion of new section 144BA869 words
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