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Section37
The Finance Act, 2018

Amendment of section 115JB

In force Act 13 of 2018 As on 08 Oct 2026

Act 13 of 2018 Ministry Finance Cited by 2 provisions

Section 37 of the Finance Act, 2018 deals with amendment of section 115JB. Amendment of section 115JB. 37. In section 115JB of the Income-tax Act,— (a) | in Explanation 1,— (A) | after clause (iig), the following clause shall be inserted, namely:— '(iih) | the aggregate amount of unabsorbed depreciation and loss brought forward in case of a company against whom an applicat

Amendment of section 115JB.

37. In section 115JB of the Income-tax Act,—

(a)in Explanation 1,—
(A)after clause (iig), the following clause shall be inserted, namely:—
'(iih)the aggregate amount of unabsorbed depreciation and loss brought forward in case of a company against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section 9 or section 10 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016).
Explanation.—For the purposes of this clause, the expression "Adjudicating Authority" shall have the meaning assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 (31 of 2016) and the loss shall not include depreciation; or';
(B)in clause (iii), after the words "books of account", the words, brackets, figures and letter "in case of a company other than the company referred to in clause (iih)" shall be inserted;
(b)after Explanation 4, the following Explanation shall be inserted and shall be deemed to have been inserted with effect from the 1st day of April, 2001, namely:—
"Explanation 4A.—For the removal of doubts, it is hereby clarified that the provisions of this section shall not be applicable and shall be deemed never to have been applicable to an assessee, being a foreign company, where its total income comprises solely of profits and gains from business referred to in section 44B or section 44BB or section 44BBA or section 44BBB and such income has been offered to tax at the rates specified in those sections.".
Section 37, The Finance Act, 2018 (Act 13 of 2018).

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 7 Amendment of section 16
  2. s. 9 Amendment of section 28
  3. Income-tax Act s. 115JB Special provision for payment of tax by certain companies
  4. Insolvency and Bankruptcy Code s. 5 Definitions
  5. Insolvency and Bankruptcy Code s. 10 Initiation of corporate insolvency resolution process by corporate applicant

Referred to by 2

  1. s. 172 Amendment of section 37
  2. s. First Schedule INCOME-TAX

Questions about Section 37

What does Section 37 of the Finance Act deal with?

Section 37 of the Finance Act is headed "Amendment of section 115JB". Amendment of section 115JB. 37. In section 115JB of the Income-tax Act,— (a) | in Explanation 1,— (A) | after clause (iig), the following clause shall be inserted, namely:— '(iih) | the aggregate amount of unabsorbed depreciation and loss brought forward in case of a company against whom an applicat

How do I find court cases under Section 37 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 2018 37, section 37 Finance Act 2018, section 37 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 37 of the Finance Act, and has it changed?

Its own text turns on section 7 (Amendment of section 16), section 9 (Amendment of section 28), Income-tax Act 115JB (Special provision for payment of tax by certain companies), Insolvency and Bankruptcy Code 5 (Definitions), and on 1 further provision, so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2018 as Act 13 of 2018. 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

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.