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of <h1>Income-tax Act Section 115JB amended: Tax rate rises from 7.5% to 10%, effective April 1, 2007, with new clauses.</h1> Section 115JB of the Income-tax Act is amended, effective April 1, 2007. Changes include updating the effective date from April 1, 2001, to April 1, 2007, and increasing the tax rate from 7.5% to 10%. The Explanation after sub-section (2) is modified to replace references to certain clauses and sections, specifically updating clause (f) and adding new clauses (g), (iia), and (iib) concerning depreciation and revaluation reserves. These amendments adjust the treatment of depreciation and revaluation in calculating book profits for tax purposes.
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