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of <h1>Amendment to Section 115JC: Tax Rate Reduction for IFSC Units and Co-op Societies from April 2023</h1> Section 115JC of the Income-tax Act is amended to alter the tax rates applicable to certain entities. Effective from April 1, 2023, units located in an International Financial Services Centre, deriving income solely in convertible foreign exchange, will be taxed at 9% instead of 18.5%. Additionally, co-operative societies will be taxed at 15% instead of 18.5%. This amendment applies to the assessment year 2023-2024 and subsequent years, adjusting the alternate minimum tax provisions for these entities.
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