Alternate Minimum Tax relief for IFSC units earning solely in convertible foreign exchange, lowering AMT rate under amended section.

A new sub section provides that a unit located in an International Financial Services Centre deriving its income solely in convertible foreign exchange will be subject to the alternate minimum tax at the rate of nine per cent instead of the previously prescribed rate; the amendment is effective 1 April 2019 and applies to the relevant assessment year and subsequent years.

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