Amendment of section 115JB

In force As on 06 Oct 2026

Ministry Finance Cited by 1 provision

Section 35 of the Finance Act, 2021 deals with amendment of section 115JB. Amendment of section 115JB. 35. In section 115JB of the Income-tax Act, in sub-section (2),— (a) | in Explanation 1,— (i) | in clause (fb), in sub-clause (B), for the words "interest, royalty", the words "interest, dividend, royalty" shall be substituted;

Amendment of section 115JB.
35. In section 115JB of the Income-tax Act, in sub-section (2),—
(a) in Explanation 1,—
(i) in clause (fb), in sub-clause (B), for the words "interest, royalty", the words "interest, dividend, royalty" shall be substituted;
(ii) in the long line, in clause (iid), in sub-clause (B), for the words "interest, royalty", the words "interest, dividend, royalty" shall be substituted;
(b) after sub-section (2C), the following sub-section shall be inserted, namely:—
"(2D) In the case of an assessee being a company, where there is an increase in book profit of the previous year due to income of past year or years included in the book profit on account of an advance pricing agreement entered into by the assessee under section 92CC or on account of secondary adjustment required to be made under section 92CE, the Assessing Officer shall, on an application made to him in this behalf by the assessee, recompute the book profit of the past year or years and tax payable, if any, by the assessee during the previous year under sub-section (1), in such manner as may be prescribed and the provisions of section 154 shall, so far as may be, apply and the period of four years specified in sub-section (7) of that section shall be reckoned from the end of the financial year in which the said application is received by the Assessing Officer:
Provided that the provisions of this sub-section shall apply only if the assessee has not utilised the credit of tax paid under this section in any subsequent assessment year under section 115JAA:
Provided further that the provisions of this sub-section shall also apply to an assessment year beginning on or before the 1st day of April, 2020 and notwithstanding anything contained in any other provisions of this Act, no interest shall be payable to such assessee on the refund arising on account of the provisions of this sub-section.".
Section 35, The Finance Act, 2021.

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

This section refers to

Referred to by 1

s. 110 Amendment of section 35

Questions about Section 35

What does Section 35 of the Finance Act deal with?

Section 35 of the Finance Act is headed "Amendment of section 115JB". Amendment of section 115JB. 35. In section 115JB of the Income-tax Act, in sub-section (2),— (a) | in Explanation 1,— (i) | in clause (fb), in sub-clause (B), for the words "interest, royalty", the words "interest, dividend, royalty" shall be substituted;

How do I find court cases under Section 35 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 2021 35, section 35 Finance Act 2021, section 35 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 35 of the Finance Act, and has it changed?

Its own text turns on section 154 (Amendment of section 2), Income-tax Act 115JB (Special provision for payment of tax by certain companies), so none of them can safely be read on its own. 1 other provision in this corpus refers back to it.

When was the Finance Act enacted?

Finance Act was enacted in 2021. 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

Fourth Schedule. Fourth Schedule26628 words
First Schedule. First Schedule9574 words
2. Income-tax5993 words
6. Amendment of section 103582 words
130. Substitution of new section for section 43513 words
131. Substitution of new section for section 52699 words

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(i)		in clause (fb), in sub-clause (B), for the words "interest, royalty", the words "interest, dividend, royalty" shall be substituted;
(ii)		in the long line, in clause (iid), in sub-clause (B), for the words "interest, royalty", the words "interest, dividend, royalty" shall be substituted;

(b)		after sub-section (2C), the following sub-section shall be inserted, namely:—
		"(2D) In the case of an assessee being a company, where there is an increase in book profit of the previous year due to income of past year or years included in the book profit on account of an advance pricing agreement entered into by the assessee under section 92CC or on account of secondary adjustment required to be made under section 92CE, the Assessing Officer shall, on an application made to him in this behalf by the assessee, recompute the book profit of the past year or years and tax payable, if any, by the assessee during the previous year under sub-section (1), in such manner as may be prescribed and the provisions of section 154 shall, so far as may be, apply and the period of four years specified in sub-section (7) of that section shall be reckoned from the end of the financial year in which the said application is received by the Assessing Officer:
		Provided that the provisions of this sub-section shall apply only if the assessee has not utilised the credit of tax paid under this section in any subsequent assessment year under section 115JAA:
		Provided further that the provisions of this sub-section shall also apply to an assessment year beginning on or before the 1st day of April, 2020 and notwithstanding anything contained in any other provisions of this Act, no interest shall be payable to such assessee on the refund arising on account of the provisions of this sub-section.".