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of <h1>Finance Bill 2018: Amendments to Section 115JB Allow Deductions for Insolvent Companies; Clarifies Foreign Company Exemptions</h1> Clause 35 of the Finance Bill, 2018 amends section 115JB of the Income-tax Act, focusing on tax levies on companies based on book profits. For companies undergoing corporate insolvency resolution under the Insolvency and Bankruptcy Code, 2016, unabsorbed depreciation and losses can be deducted from book profits, excluding depreciation. This change is effective from April 1, 2018, for the assessment year 2018-2019 onwards. Additionally, a new Explanation 4A clarifies that section 115JB does not apply to foreign companies whose income solely comprises profits from specific business sections, effective retrospectively from April 1, 2001.
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