Alternate minimum tax: reduced rate for IFSC units earning solely in convertible foreign exchange, higher rate applies otherwise.

Amendment to section 115JF redefines alternate minimum tax to apply a lower rate to a unit referred to in sub section (4) of section 115JC and a higher rate to other assessees; inserts definitions of convertible foreign exchange, International Financial Services Centre, and unit (unit established in an IFSC); and stipulates that the lower rate applies where a unit in an IFSC derives its income solely in convertible foreign exchange, with the changes effective from the stated operative date.

---

---

---