Amendment to Section 115JAA: Conversion of private or unlisted public companies to LLPs exempts them from certain tax provisions.

Section 115JAA of the Income-tax Act is amended to include a new provision effective from April 1, 2011. This provision states that when a private company or an unlisted public company converts into a limited liability partnership (LLP) under the Limited Liability Partnership Act, 2008, the provisions of Section 115JAA will not apply to the successor LLP. The terms "private company" and "unlisted public company" are defined as per the Limited Liability Partnership Act, 2008.

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