Alternate minimum tax: reduced rate for IFSC units earning solely in convertible foreign exchange, higher rate applies otherwise. Amendment to section 115JF redefines alternate minimum tax to apply a lower rate to a unit referred to in sub section (4) of section 115JC and a higher rate to other assessees; inserts definitions of convertible foreign exchange, International Financial Services Centre, and unit (unit established in an IFSC); and stipulates that the lower rate applies where a unit in an IFSC derives its income solely in convertible foreign exchange, with the changes effective from the stated operative date.
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Provisions expressly mentioned in the judgment/order text.
Alternate minimum tax: reduced rate for IFSC units earning solely in convertible foreign exchange, higher rate applies otherwise.
Amendment to section 115JF redefines alternate minimum tax to apply a lower rate to a unit referred to in sub section (4) of section 115JC and a higher rate to other assessees; inserts definitions of convertible foreign exchange, International Financial Services Centre, and unit (unit established in an IFSC); and stipulates that the lower rate applies where a unit in an IFSC derives its income solely in convertible foreign exchange, with the changes effective from the stated operative date.
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