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of <h1>Income Tax Act Section 115JF defines alternate minimum tax rates and key terms for non-company persons</h1> Section 115JF of the Income Tax Act, 1961 defines key terms for special provisions relating to certain non-company persons. It establishes 'accountant' as having the same meaning as in section 288, defines 'alternate minimum tax' with varying rates - nine percent for specified units, fifteen percent for cooperative societies, and eighteen and one-half percent for others. The section also defines 'convertible foreign exchange' per Reserve Bank guidelines, 'International Financial Services Centre' per Special Economic Zones Act, 'regular income-tax' as standard tax payable excluding this chapter's provisions, and 'unit' as establishments in International Financial Services Centres.
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