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of <h1>Tax Rate Adjustments: Section 115JC Amended, Lower Rates for IFSC Units and Co-operative Societies Effective April 2023.</h1> Section 115JC of the Income-tax Act has been amended by the Finance Act, 2022, effective April 1, 2023. The amendment replaces sub-section (4), allowing specific tax rate adjustments. For units located in an International Financial Services Centre with income in convertible foreign exchange, the applicable tax rate is reduced from 18.5% to 9%. For co-operative societies, the rate is adjusted from 18.5% to 15%. These changes override the general provisions of sub-section (1) for the specified entities.
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