Minimum Alternate Tax rate reduced for IFSC units and co-operative societies under amended Section 115JC, effective from April. Amendment to section 115JC substitutes sub-section (4) to alter the minimum alternate tax treatment: a unit in an International Financial Services Centre deriving income solely in convertible foreign exchange is to be subject to a reduced MAT rate in place of the prior standard rate, and a co-operative society is to be subject to a distinct reduced MAT rate in place of the prior standard rate.