Alternate minimum tax change: preferential rate for IFSC units and distinct rate for co operative societies, effective for recent assessment years.

Amendment to the definition of alternate minimum tax in section 115JF substitutes the prior sub clause to prescribe distinct alternate minimum tax rates for two classes of assessees: units located in an International Financial Services Centre deriving income solely in convertible foreign exchange, and co operative societies. The amendment takes effect from 1 April 2023 and applies to the assessment year beginning after that date and subsequent assessment years.

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