Alternate minimum tax rates revised; new definitions for International Financial Services Centre and convertible foreign exchange apply. Amendment revises the alternate minimum tax in section 115JF effective 1 April 2019, prescribing a nine percent rate for a unit referred to in sub section (4) of section 115JC and an eighteen and one half percent rate in other cases; it further inserts definitions of convertible foreign exchange, International Financial Services Centre, and 'unit' (a unit established in an International Financial Services Centre).
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Alternate minimum tax rates revised; new definitions for International Financial Services Centre and convertible foreign exchange apply.
Amendment revises the alternate minimum tax in section 115JF effective 1 April 2019, prescribing a nine percent rate for a unit referred to in sub section (4) of section 115JC and an eighteen and one half percent rate in other cases; it further inserts definitions of convertible foreign exchange, International Financial Services Centre, and "unit" (a unit established in an International Financial Services Centre).
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