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of <h1>Finance Bill 2018 amends Income-tax Act Section 115JC, cutting alternate minimum tax to 9% for specific entities.</h1> Clause 36 of the Finance Bill, 2018, amends section 115JC of the Income-tax Act, which pertains to the alternate minimum tax for certain non-corporate entities. The amendment introduces a new sub-section effective from April 1, 2019, reducing the tax rate from eighteen and one-half percent to nine percent for entities located in an International Financial Services Centre that earn income solely in convertible foreign exchange. This change applies to the assessment year 2019-2020 and subsequent years, providing a tax concession to promote international financial services in specified centers.
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