Section 38 of Finance Act 2018 : Amendment of section 115JC Income Tax Act

By | April 1, 2018
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(Last Updated On: April 15, 2018)

Section 38 of Finance Act 2018

[Section 38 of Finance Act 2018 deals with Amendment of section 115JC. and is covered in CHAPTER III DIRECT TAXES]

Amendment of section 115JC.

38. In section 115JC of the Income-tax Act, after sub-section (3), the following sub-section shall be inserted with effect from the 1st day of April, 2019, namely:—

‘(4) Notwithstanding anything contained in sub-section (1), where the person referred to therein, is a unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, the provisions of sub-section (1) shall have effect as if for the words “eighteen and one-half per cent”, the words “nine per cent” had been substituted.’.

Finance Act 2018 : Assented by President : Download Print Notification

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