Amendment of section 115JB.

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....come 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 income by way of royalty in respect of patent chargeable to tax under sec....

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....ance 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."; (II) after sub-section (6), the following sub-section shall be inserted with effect from the 1st da....

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....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.'. - Clause 53 of the Bill seeks to amend section 115JB of the Income-tax Act relating to special provision for payment of tax b....

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....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 deemed never to have been applicable to an assessee, being a foreign company, if-- (i) the assessee is a resident of a country or a sp....