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of <h1>Finance Act 2018 amends Section 115JB, impacting corporate insolvency and foreign company tax applicability.</h1> Section 115JB of the Income-tax Act was amended by the Finance Act, 2018. The amendment introduces clause (iih) to Explanation 1, allowing companies undergoing corporate insolvency resolution under the Insolvency and Bankruptcy Code, 2016, to account for unabsorbed depreciation and loss, excluding depreciation, brought forward. Clause (iii) is modified to specify its applicability to companies not covered by clause (iih). Additionally, Explanation 4A clarifies that section 115JB does not apply to foreign companies whose income consists solely of profits from certain business activities taxed under sections 44B, 44BB, 44BBA, or 44BBB, effective from April 1, 2001.
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