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of <h1>Finance Bill 2022 amends Section 115JF, setting alternate minimum tax rates for IFSC units and co-operative societies.</h1> Clause 30 of the Finance Bill, 2022, amends section 115JF of the Income-tax Act, specifically altering clause (b) related to the definition of 'alternate minimum tax.' The amendment introduces new sub-clauses, effective from April 1, 2023, setting the tax rate at nine percent for units in International Financial Services Centres earning solely in convertible foreign exchange, and at fifteen percent for co-operative societies. This change applies to the assessment year 2023-2024 and subsequent years.
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