# The Finance Act, 2022, Section 29: Amendment of section 115JC

- Act: The Finance Act, 2022 (Act 6 of 2022)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-2022/section/29/

## Text

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 one-half per cent.", the words "fifteen per cent." had been substituted.'.

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