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of <h1>Finance Act 2011 amends Section 115JB, changing tax rates and omitting clauses retroactively from April 1, 2005.</h1> Section 115JB of the Income-tax Act is amended by the Finance Act, 2011. Effective April 1, 2012, the reference date in sub-section (1) changes from April 1, 2011, to April 1, 2012, and the tax rate increases from eighteen percent to eighteen and one-half percent. Clauses (iv), (v), and (vi) in Explanation 1 are omitted retroactively from April 1, 2005. A proviso is added to sub-section (6), indicating that its provisions will not apply to any previous year for assessment years starting on or after April 1, 2012.
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