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of <h1>Amendment to Section 115JF: Redefines 'alternate minimum tax' for IFSC units; 9% for some, 18.5% for others.</h1> Section 115JF of the Income-tax Act is amended to redefine 'alternate minimum tax' for units in International Financial Services Centres (IFSCs). For units referred to in section 115JC(4), the tax rate is set at 9%, while for others, it is 18.5%. New definitions are introduced for 'convertible foreign exchange,' as recognized by the Reserve Bank of India, and 'International Financial Services Centre,' as defined in the Special Economic Zones Act, 2005. The term 'unit' refers to those established in an IFSC. These changes apply from April 1, 2019, impacting the 2019-2020 assessment year onwards.
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