Amendment of section 115JB.

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.... or amounts of expenditure relatable to income by way of royalty in respect of patent chargeable to tax under section 115BBF; or"; (ii) in the long line,- (A) in clause (iif), for the words "may be;" occurring at the end, the words "may be; or" shall be substituted; (B) after clause (iif), the following clause shall be inserted, namely:- "(iig) the amount of inc....

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.... of section 90A and the assessee does not have a permanent establishment in India in accordance with the provisions of such agreement; or (ii) the assessee is a resident of a country with which India does not have an agreement of the nature referred to in clause (i) and the assessee is not required to seek registration under any law for the time being in force relating to companies."; ....

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.... (b) "unit" means a unit established in an International Financial Services Centre, on or after the 1st day of April, 2016; (c) "convertible foreign exchange" means a foreign exchange which is for the time being treated by the Reserve Bank of India as convertible foreign exchange for the purposes of the Foreign Exchange Management Act, 1999 (42 of 1999) and the rules made thereunder.'. - C....

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....fit, if any such amount is credited to the profit or loss account.  This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-2018 and subsequent years. Item (b) of sub-clause (i) of the said clause seeks to insert an Explanation so as to provide that the provisions of the said section, shall not be applicable and shall be ....