law: The Income-Tax Act, 1961
  1[Chapter XII-B
  Special Provisions Relating to Certain Companies
  115J. Special provisions relating to certain companies.-
  (1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee being a company 2[(other than a company engaged in the business of generation or distribution of electricity)], the total income, as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 1988 3[but before the 1st day of April, 1991] (hereafter in this section referred to as the relevant previous year), is less than thirty per cent of its book profit, the total income of such assessee chargeable to tax for the relevant previous year shall be deemed to be an amount equal to thirty per cent of such book profit.
  4[(1A) Every assessee, being a company, shall, for the purposes of this section, prepare its profit and loss account for the relevant previous year in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act, 1956 (1 of 1956).]
  Explanation.-For the purposes of this section, "book profit" means the net profit as shown in the profit and loss account for the relevant previous year 5[prepared under sub-section (1A)], as increased by-
  (a) the amount of income-tax paid or payable, and the provision therefor; or
  (b) the amounts carried to any reserves 2[(other than the reserves specified in section 80HHD 6[or sub-section (1) of section 33AC])], by whatever name called; or
  (c) the amount or amounts set aside to provisions made for meeting liabilities, other than ascertained liabilities; or
  (d) the amount by way of provision for losses of subsidiary companies; or
  (e) the amount or amounts of dividends paid or proposed; or
  (f) the amount or amounts of expenditure relatable to any income to which any of the provisions of Chapter III 7[applies; or]
  2[(g) the amount withdrawn from the reserve account under section 80HHD, where it has been utilised for any purpose other than those referred to in sub-section (4) of that section; or
  (h) the amount credited to the reserve account under section 80HHD, to the extent that amount has not been utilised within the period specified in sub-section (4) of that section;]
  6[(ha) the amount deemed to be the profits under sub-section (3) of section 33AC,] 8[if any amount referred to in clauses (a) to (f) is debited or, as the case may be, the amount referred to in clauses (g) and (h) is not credited] to the profit and loss account, and as reduced by,-
  (i) the amount withdrawn from reserves 2[(other than the reserves specified in section 80HHD)] or provisions, if any such amount is credited to the 9[profit and loss account:
  Provided that, where this section is applicable to an assessee in any previous year (including the relevant previous year), the amount withdrawn from reserves created or provisions made in a previous year relevant to the assessment year commencing on or after the 1st day of April, 1988 shall not be reduced from the book profit unless the book profit of such year has been increased by those reserves or provisions (out of which the said amount was withdrawn) under this Explanation; or]
  (ii) the amount of income to which any of the provisions of Chapter III applies, if any such amount is credited to the profit and loss account; or
  1[(iii) the amounts [as arrived at after increasing the net profit by the amounts referred to in clauses (a) to (f) and reducing the net profit by the amounts referred to in clauses (i) and (ii)] attributable to the business, the profits from which are eligible for deduction under section 80HHC or section 80HHD; so, however, that such amounts are computed in the manner specified in sub-section (3) or sub-section (3A) of section 80HHC or sub-section (3) of section 80HHD, as the case may be; or]
  2[(iv)] the amount of the loss or the amount of depreciation which would be required to be set off against the profit of the relevant previous year as if the provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the Companies Act, 1956 (1 of 1956), are applicable.
  (2) Nothing contained in sub-section (1) shall affect the determination of the amounts in relation to the relevant previous year to be carried forward to the subsequent year or years under the provisions of sub-section (2) of section 32 or sub-section (3) of section 32A or clause (ii) of sub-section (1) of section 72 or section 73 or section 74 or sub-section (3) of section 74A or sub-section (3) of section 80J.]
  1. Ins. by Act 11 of 1987, s. 43 (w.e.f. 1-4-1988).
  2. Ins. by Act 3 of 1989, s. 19 (w.e.f. 1-4-1989).
  3. Ins. by Act 12 of 1990, s. 32 (w.e.f. 1-4-1990).
  4. Ins. by Act 13 of 1989, s. 19 (w.e.f. 1-4-1989).
  5. Subs. by s. 19, ibid., for "prepared in accordance with the provisions of Parts II and III of the Sixth Schedule to the Companies Act, 1956 (1 of 1956)" (w.e.f. 1-4-1989).
  6. Ins. by Act 36 of 1989, s. 12 (w.e.f. 1-4-1990).
  7. Subs. by Act 3 of 1989, s. 19, for "applies," (w.e.f. 1-4-1989).
  8. Subs. by s. 19, ibid., for "if any such amount is debited" (w.e.f. 1-4-1989).
  9. Subs. by Act 13 of 1989, s. 19, for "profit and loss account; or" (w.e.f. 1-4-1988).
  1. Ins. by Act 3 of 1989, s. 19 (w.e.f. 1-4-1989).
  2. Clause (iii) renumbered as clause (iv) by s. 19, ibid. (w.e.f. 1-4-1989).
  3[115JA. Deemed income relating to certain companies.-
  (1) Notwithstanding anything contained in any other provisions of this Act, where in the case of an assessee, being a company, the total income, as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 1997 4[but before the 1st day of April, 2001] (hereafter in this section referred to as the relevant previous year) is less than thirty per cent of its book profit, the total income of such assessee chargeable to tax for the relevant previous year shall be deemed to be an amount equal to thirty per cent of such book profit.
  (2) Every assessee, being a company, shall, for the purposes of this section prepare its profit and loss account for the relevant previous year in accordance with the provisions of Parts II and III of Schedule VI to the Companies Act, 1956 (1 of 1956):
  Provided that while preparing profit and loss account, the depreciation shall be calculated on the same method and rates which have been adopted for calculating the depreciation for the purpose of preparing the profit and loss account laid before the company at its annual general meeting in accordance with the provisions of section 210 of the Companies Act, 1956 (1 of 1956):
  Provided further that where a company has adopted or adopts the financial year under the Companies Act, 1956 (1 of 1956), which is different from the previous year under the Act, the method and rates for calculation of depreciation shall correspond to the method and rates which have been adopted for calculating the depreciation for such financial year or part of such financial year falling within the relevant previous year.
  Explanation.-For the purposes of this section, "book profit" means the net profit as shown in the profit and loss account for the relevant previous year prepared under sub-section (2), as increased by-
  (a) the amount of income-tax paid or payable, and the provision therefor; or
  (b) the amounts carried to any reserves by whatever name called; or
  (c) the amount or amounts set aside to provisions made for meeting liabilities, other than ascertained liabilities; or
  (d) the amount by way of provision for losses of subsidiary companies; or
  (e) the amount or amounts of dividends paid or proposed; or
  (f) the amount or amounts of expenditure relatable to any income to which any of the provisions of Chapter III applies;
  1[(g) the amount or amounts set aside as provision for diminution in the value of any asset, if any amount referred to in clauses (a) to (g) is debited to the profit and loss account, and as reduced by,-]
  (i) the amount withdrawn from any reserves or provisions if any such amount is credited to the profit and loss account:
  Provided that, where this section is applicable to an assessee in any previous year (including the relevant previous year), the amount withdrawn from reserves created or provisions made in a previous year relevant to the assessment year commencing on or after the 1st day of April, 1997 2[but ending before the 1st day of April, 2001] shall not be reduced from the book profit unless the book profit of such year has been increased by those reserves or provisions (out of which the said amount was withdrawn) under this Explanation; or
  (ii) the amount of income to which any of the provisions of Chapter III applies, if any such amount is credited to the profit and loss account; or
  3[(iii) the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account.
  Explanation.-For the purposes of this clause,-
  (a) the loss shall not include depreciation;
  (b) the provisions of this clause shall not apply if the amount of loss brought forward or unabsorbed depreciation is nil; or]
  (iv) the amount of profits derived by an industrial undertaking from the business of generation or generation and distribution of power; or
  (v) the amount of profits derived by an industrial undertaking located in an industrially backward State or district as referred to in 1[sub-section (4) and sub-section (5) of section 80-IB], for the assessment years such industrial undertaking is eligible to claim a deduction of hundred per cent of the 2[profits and gains under sub-section (4) or sub-section (5) of section 80-IB]; or
  (vi) the amount of profits derived by an industrial undertaking from the business of developing, maintaining and operating any infrastructure facility 3[as defined in the Explanation to sub-section (4) of section 80-IA and subject to fulfilling the conditions laid down in that sub-section]; or
  (vii) the amount of profits of sick industrial company for the assessment year commencing from the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) and ending with the assessment year during which the entire net worth of such company becomes equal to or exceeds the accumulated losses.
  Explanation.-For the purposes of this clause, "net worth" shall have the meaning assigned to it in clause (ga) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986); 4[or]
  5[(viii) the amount of profits eligible for deduction under section 80HHC, computed under clause (a), (b) or (c) of sub-section (3) or sub-section (3A), as the case may be, of that section, and subject to the conditions specified in sub-sections (4) and (4A) of that section;
  (ix) the amount of profits eligible for deduction under section 80HHE, computed under sub-section (3) of that section.]
  (3) Nothing contained in sub-section (1) shall affect the determination of the amounts in relation to the relevant previous year to be carried forward to the subsequent year or years under the provisions of sub-section (2) of section 32 or sub-section (3) of section 32A or clause (ii) of sub-section (1) of section 72 or section 73 or section 74 or sub-section (3) of section 74A.
  (4) Save as otherwise provided in this section, all other provisions of this Act shall apply to every assessee, being a company, mentioned in this section.]
  3. Ins. by Act 33 of 1996, s. 39 (w.e.f. 1-4-1997).
  4. Ins. by Act 10 of 2000, s. 50 (w.e.f. 1-4-2001).
  1. Subs. by Act 33 of 2009, s. 44, for "if any amount referred to in clauses (a) to (f) is debited to the profit and loss account, and as reduced by, -" (w.e.f. 1-4-1998).
  2. Ins. by Act 10 of 2000, s. 50 (w.e.f. 1-4-2001).
  3. Subs. by Act 20 of 2002, s. 51, for "clause (iii) and the Explanation thereto" (w.e.f. 1-4-1997).
  1. Subs. by Act 27 of 1999, s. 90, for "sub-clause (b) or sub-clause (c) of clause (iv) of sub-section (2) of section 80-IA" (w.e.f. 1-4-2000).
  2. Subs. by s. 90, ibid., for "profits and gains under sub-section (5) of section 80-IA" (w.e.f. 1-4-2000).
  3. Subs. by s. 90, ibid., for "under sub-section (12) of section 80-IA, and subject to fulfilling the conditions laid down in sub-section (4A) of section 80-IA" (w.e.f. 1-4-2000).
  4. Ins. by Act 26 of 1997, s. 37 (w.e.f. 1-4-1997).
  5. Ins. by s. 37, ibid. (w.e.f. 1-4-1998).
  6[115JAA. Tax credit in respect of tax paid on deemed income relating to certain companies.-
  (1) Where any amount of tax is paid under sub-section (1) of section 115JA by an assessee being a company for any assessment year, then, credit in respect of tax so paid shall be allowed to him in accordance with the provisions of this section.
  7[(1A) Where any amount of tax is paid under sub-section (1) of section 115JB by an assessee, being a company for the assessment year commencing on the 1st day of April, 2006 and any subsequent assessment year, then, credit in respect of tax so paid shall be allowed to him in accordance with the provisions of this section.]
  1[(2) The tax credit to be allowed under sub-section (1) shall be the difference of the tax paid for any assessment year under sub-section (1) of section 115JA and the amount of tax payable by the assessee on his total income computed in accordance with the other provisions of this Act:
  Provided that no interest shall be payable on the tax credit allowed under sub-section (1).
  (2A) The tax credit to be allowed under sub-section (1A) shall be the difference of the tax paid for any assessment year under sub-section (1) of section 115JB and the amount of tax payable by the assessee on his total income computed in accordance with the other provisions of this Act:
  Provided that no interest shall be payable on the tax credit allowed under sub-section (1A):
  2[Provided further that where the amount of tax credit in respect of any income-tax paid in any country or specified territory outside India, under section 90 or section 90A or section 91, allowed against the tax payable under the provisions of sub-section (1) of section 115JB exceeds the amount of such tax credit admissible against the tax payable by the assessee on its income in accordance with the other provisions of this Act, then, while computing the amount of credit under this sub-section, such excess amount shall be ignored.]
  (3) The amount of tax credit determined under sub-section (2) shall be carried forward and set off in accordance with the provisions of sub-sections (4) and (5) but such carry forward shall not be allowed beyond the fifth assessment year immediately succeeding the assessment year in which tax credit becomes allowable under sub-section (1).
  (3A) The amount of tax credit determined under sub-section (2A) shall be carried forward and set off in accordance with the provisions of sub-sections (4) and (5) but such carry forward shall not be allowed beyond the 3[fifteenth assessment year] immediately succeeding the assessment year in which tax credit becomes allowable under sub-section (1A).]
  (4) The tax credit shall be allowed set-off in a year when tax becomes payable on the total income computed in accordance with the provisions of this Act other than section 115JA 4[or section 115JB, as the case may be].
  (5) Set off in respect of brought forward tax credit shall be allowed for any assessment year to the extent of the difference between the tax on his total income and the tax which would have been payable under the provisions of sub-section (1) of section 115JA 4[or section 115JB, as the case may be] for that assessment year.
  (6) Where as a result of an order under sub-section (1) or sub-section (3) of section 143, section 144, section 147, section 154, section 155, sub-section (4) of section 245D, section 250, section 254, section 260, section 262, section 263 or section 264, the amount of tax payable under this Act is reduced or increased, as the case may be, the amount of tax credit allowed under this section shall also be increased or reduced accordingly.
  5[(7) In case of conversion of a private company or unlisted public company into a limited liability partnership under the Limited Liability Partnership Act, 2008 (6 of 2009), the provisions of this section shall not apply to the successor limited liability partnership.
  Explanation.-For the purposes of this section, the expressions "private company" and "unlisted public company" shall have the meanings respectively assigned to them in the Limited Liability Partnership Act, 2008 (6 of 2009).]]
  6. Ins. by Act 26 of 1997, s. 38 (w.e.f. 1-4-1997).
  7. Ins. by Act 18 of 2005, s. 35 (w.e.f. 1-4-2006).
  1. Subs. by Act 21 of 2006, s. 23, for sub-sections (2) and (3) (w.e.f. 1-4-2007).
  2. Ins. by Act 7 of 2017, s. 46 (w.e.f. 1-4-2018).
  3. Subs. by, s. 46, ibid., for "tenth assessment year" (w.e.f. 1-4-2018).
  4. Ins. by Act 10 of 2000, s. 51 (w.e.f. 1-4-2001).
  5. Ins. by Act 14 of 2010, s. 29 (w.e.f. 1-4-2011).
  1[115JB. Special provision for payment of tax by certain companies.-
  (1) Notwithstanding anything contained in any other provision of this Act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this Act in respect of any previous year relevant to the assessment year commencing on or after 2[the 1st day of April, 2012], is less than 3[eighteen and one-half per cent.] of its book profit, 4[such book profit shall be deemed to be the total income of the assessee and the tax payable by the assessee on such total income shall be the amount of income-tax at the rate of 3[eighteen and one-half per cent.]].
  (2) 5[Every assessee,-
  (a) being a company, other than a company referred to in clause (b), shall, for the purposes of this section, prepare its 6[statement of profit and loss] for the relevant previous year in accordance with the provisions of 7[Schedule III] to 8[the Companies Act, 2013 (18 of 2013)]; or
  (b) being a company, to which the 9[second proviso to sub-section (1) of section 129] of 8[the Companies Act, 2013 (18 of 2013)] is applicable, shall, for the purposes of this section, prepare its 6[statement of profit and loss] for the relevant previous year in accordance with the provisions of the Act governing such company:]
  Provided that while preparing the annual accounts including 6[statement of profit and loss],-
  (i) the accounting policies;
  (ii) the accounting standards adopted for preparing such accounts including 6[statement of profit and loss;
  (iii) the method and rates adopted for calculating the depreciation, shall be the same as have been adopted for the purpose of preparing such accounts including 6[statement of profit and loss] and laid before the company at its annual general meeting in accordance with the provisions of 10[section 210] of 8[the Companies Act, 2013 (18 of 2013)]:
  Provided further that where the company has adopted or adopts the financial year under 8[the Companies Act, 2013 (18 of 2013)], which is different from the previous year under this Act,-
  (i) the accounting policies;
  (ii) the accounting standards adopted for preparing such accounts including 6[statement of profit and loss];
  (iii) the method and rates adopted for calculating the depreciation shall correspond to the accounting policies, accounting standards and the method and rates for calculating the depreciation which have been adopted for preparing such accounts including 1[statement of profit and loss] for such financial year or part of such financial year falling within the relevant previous year.
  Explanation 2[1].-For the purposes of this section, "book profit" means the 3[profit] as shown in the 1[statement of profit and loss] for the relevant previous year prepared under sub-section (2), as increased by-
  (a) the amount of income-tax paid or payable, and the provision therefor; or
  (b) the amounts carried to any reserves, by whatever name called 4[, other than a reserve specified under section 33AC]; or
  (c) the amount or amounts set aside to provisions made for meeting liabilities, other than ascertained liabilities; or
  (d) the amount by way of provision for losses of subsidiary companies; or
  (e) the amount or amounts of dividends paid or proposed; or
  (f) the amount or amounts of expenditure relatable to any income to which 5[section 10 (other than the provisions contained in clause (38) thereof) or 6*** section 11 or section 12 apply; or]
  7[(fa) the amount or amounts of expenditure relatable to income, being share of the assessee in the income of an association of persons or body of individuals, on which no income-tax is payable in accordance with the provisions of section 86; or
  (fb) the amount or amounts of expenditure relatable to income accruing or arising to an assessee, being a foreign company, from,-
  (A) the capital gains arising on transactions in securities; or
  (B) the interest, royalty or fees for technical services chargeable to tax at the rate or rates specified in Chapter XII, if the income-tax payable thereon in accordance with the provisions of this Act, other than the provisions of this Chapter, is at a rate less than the rate specified in sub-section (1); or
  (fc) the amount representing notional loss on transfer of a capital asset, being share of a special purpose vehicle, to a business trust in exchange of units allotted by the trust referred to in clause (xvii) of section 47 or the amount representing notional loss resulting from any change in carrying amount of said units or the amount of loss on transfer of units referred to in clause (xvii) of section 47; or]
  8[(fd) the amount or amounts of expenditure relatable to income by way of royalty in respect of patent chargeable to tax under section 115BBF; or]
  9[(g) the amount of depreciation,]
  1[(h) the amount of deferred tax and the provision therefor,
  2[(i) the amount or amounts set aside as provision for diminution in the value of any asset,
  3[(j) the amount standing in revaluation reserve relating to revalued asset on the retirement or disposal of such asset,
  4[(k) the amount of gain on transfer of units referred to in clause (xvii) of section 47 computed by taking into account the cost of the shares exchanged with units referred to in the said clause or the carrying amount of the shares at the time of exchange where such shares are carried at a value other than the cost through 5[statement of profit and loss], as the case may be;] if any amount referred to in clauses (a) to (i) is debited to the 5[statement of profit and loss] or if any amount referred to in clause (j) is not credited to the 5[statement of profit and loss], and as reduced by,-]]]
  6[(i) the amount withdrawn from any reserve or provision (excluding a reserve created before the 1st day of April, 1997 otherwise than by way of a debit to the 5[statement of profit and loss]), if any such amount is credited to the 5[statement of profit and loss]:
  Provided that where this section is applicable to an assessee in any previous year, the amount withdrawn from reserves created or provisions made in a previous year relevant to the assessment year commencing on or after the 1st day of April, 1997 shall not be reduced from the book profit unless the book profit of such year has been increased by those reserves or provisions (out of which the said amount was withdrawn) under this Explanation or Explanation below the second proviso to section 115JA, as the case may be; or]
  (ii) the amount of income to which any of the provisions of 7[section 10 (other than the provisions contained in clause (38) thereof)] or 8*** section 11 or section 12 apply, if any such amount is credited to the 5[statement of profit and loss]; or
  9[(iia) the amount of depreciation debited to the 5[statement of profit and loss] (excluding the depreciation on account of revaluation of assets); or
  (iib) the amount withdrawn from revaluation reserve and credited to the 5[statement of profit and loss], to the extent it does not exceed the amount of depreciation on account of revaluation of assets referred to in clause (iia); or]
  10[(iic) the amount of income, being the share of the assessee in the income of an association of persons or body of individuals, on which no income-tax is payable in accordance with the provisions of section 86, if any, such amount is credited to the 5[statement of profit and loss]; or
  (iid) the amount of income accruing or arising to an assessee, being a foreign company, from,-
  (A) the capital gains arising on transactions in securities; or
  (B) the interest, royalty or fees for technical services chargeable to tax at the rate or rates specified in Chapter XII, if such income is credited to the 1[statement of profit and loss] and the income-tax payable thereon in accordance with the provisions of this Act, other than the provisions of this Chapter, is at a rate less than the rate specified in sub-section (1); or
  (iie) the amount representing,-
  (A) notional gain on transfer of a capital asset, being share of a special purpose vehicle to a business trust in exchange of units allotted by that trust referred to in clause (xvii) of section 47; or
  (B) notional gain resulting from any change in carrying amount of said units; or
  (C) gain on transfer of units referred to in clause (xvii) of section 47, if any, credited to the 1[statement of profit and loss]; or
  (iif) the amount of loss on transfer of units referred to in clause (xvii) of section 47 computed by taking into account the cost of the shares exchanged with units referred to in the said clause or the carrying amount of the shares at the time of exchange where such shares are carried at a value other than the cost through profit or loss account, as the case may be; or]
  2[(iig) the amount of income by way of royalty in respect of patent chargeable to tax under section 115BBF;] or
  3[(iih) the aggregate amount of unabsorbed depreciation and loss brought forward in case of a company against whom an application for corporate insolvency resolution process has been admitted by the Adjudicating Authority under section 7 or section 9 or section 10 of the Insolvency and Bankruptcy Code, 2016.
  Explanation.--For the purposes of this clause, the expression "Adjudicating Authority" shall have the meaning assigned to it in clause (1) of section 5 of the Insolvency and Bankruptcy Code, 2016 and the loss shall not include depreciation; or;]
  4[(iii) the amount of loss brought forward or unabsorbed depreciation, whichever is less as per books of account 3[in case of a company other than the company referred to in clause (iih)].
  Explanation.-For the purposes of this clause,-
  (a) the loss shall not include depreciation;
  (b) the provisions of this clause shall not apply if the amount of loss brought forward or unabsorbed depreciation is nil; or]
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  (vii) the amount of profits of sick industrial company for the assessment year commencing on and from the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986) and ending with the assessment year during which the entire net worth of such company becomes equal to or exceeds the accumulated losses.
  Explanation.-For the purposes of this clause, "net worth" shall have the meaning assigned to it in clause (ga) of sub-section (1) of section 3 of the Sick Industrial Companies (Special Provisions) Act, 1985 (1 of 1986); or
  6[(viii) the amount of deferred tax, if any such amount is credited to the 1[statement of profit and loss].]
  1[Explanation 2.-For the purposes of clause (a) of Explanation 1, the amount of income-tax shall include-
  (i) any tax on distributed profits under section 115-O or on distributed income under section 115R;
  (ii) any interest charged under this Act;
  (iii) surcharge, if any, as levied by the Central Acts from time to time;
  (iv) Education Cess on income-tax, if any, as levied by the Central Acts from time to time; and
  (v) Secondary and Higher Education Cess on income-tax, if any, as levied by the Central Acts from time to time.]
  2[Explanation 3.-For the removal of doubts, it is hereby clarified that for the purposes of this section, the assessee, being a company to which the 3[second proviso to sub-section (1) of section 129 of the Companies Act, 2013 (18 of 2013)] is applicable, has, for an assessment year commencing on or before the 1st day of April, 2012, an option to prepare its 4[statement of profit and loss] for the relevant previous year either in accordance with the provisions of 5[Schedule III to the Companies Act, 2013 (18 of 2013)] or in accordance with the provisions of the Act governing such company.
  6[Explanation 4.-For the removal of doubts, it is hereby clarified that the provisions of this 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 specified territory with which India has an agreement referred to in sub-section (1) of section 90 or the Central Government has adopted any agreement under sub-section (1) 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.]
  7[Explanation 4A.-For the removal of doubts, it is hereby clarified that the provisions of this section shall not be applicable and shall be deemed never to have been applicable to an assessee, being a foreign company, where its total income comprises solely of profits and gains from business referred to in section 44B or section 44BB or section 44BBA or section 44BBB and such income has been offered to tax at the rates specified in those sections.]
  8[9[Explanation 5].-For the purposes of sub-section (2), the expression "securities" shall have the same meaning as assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956).]
  10[(2A) For a company whose financial statements are drawn up in compliance to the Indian Accounting Standards specified in Annexure to the Companies (Indian Accounting Standards) Rules, 2015, the book profit as computed in accordance with Explanation 1 to sub-section (2) shall be further--
  (a) increased by all amounts credited to other comprehensive income in the statement of profit and loss under the head "Items that will not be re-classified to profit or loss;
  (b) decreased by all amounts debited to other comprehensive income in the statement of profit and loss under the head "Items that will not be re-classified to profit or loss;
  (c) increased by amounts or aggregate of the amounts debited to the statement of profit and loss on distribution of non-cash assets to shareholders in a demerger in accordance with Appendix A of the Indian Accounting Standards 10;
  (d) decreased by all amounts or aggregate of the amounts credited to the statement of profit and loss on distribution of non-cash assets to shareholders in a demerger in accordance with Appendix A of the Indian Accounting Standards 10:
  Provided that nothing contained in clause (a) or clause (b) shall apply to the amount credited or debited to other comprehensive income under the head "Items that will not be re-classified to profit or loss" in respect of-
  (i) revaluation surplus for assets in accordance with the Indian Accounting Standards 16 and Indian Accounting Standards 38; or
  (ii) gains or losses from investments in equity instruments designated at fair value through other comprehensive income in accordance with the Indian Accounting Standards 109:
  Provided further that the book profit of the previous year in which the asset or investment referred to in the first proviso is retired, disposed, realised or otherwise transferred shall be increased or decreased, as the case may be, by the amount or the aggregate of the amounts referred to in the first proviso for the previous year or any of the preceding previous years and relatable to such asset or investment.
  (2B) In the case of a resulting company, where the property and the liabilities of the undertaking or undertakings being received by it are recorded at values different from values appearing in the books of account of the demerged company immediately before the demerger, any change in such value shall be ignored for the purpose of computation of book profit of the resulting company under this section.
  (2C) For a company referred to in sub-section (2A), the book profit of the year of convergence and each of the following four previous years, shall be further increased or decreased, as the case may be, by one-fifth of the transition amount:
  Provided that the book profit of the previous year in which the asset or investment referred to in sub-clauses (B) to (E) of clause (iii) of the Explanation is retired, disposed, realised or otherwise transferred, shall be increased or decreased, as the case may be, by the amount or the aggregate of the amounts referred to in the said sub-clauses relatable to such asset or investment:
  Provided further that the book profit of the previous year in which the foreign operation referred to in sub-clause (F) of clause (iii) of the Explanation is disposed or otherwise transferred, shall be increased or decreased, as the case may be, by the amount or the aggregate of the amounts referred to in the said sub-clauses relatable to such foreign operations.
  Explanation.--For the purposes of this sub-section, the expression--
  (i) "year of convergence" means the previous year within which the convergence date falls;
  (ii) "convergence date" means the first day of the first Indian Accounting Standards reporting period as defined in the Indian Accounting Standards 101;
  (iii) "transition amount" means the amount or the aggregate of the amounts adjusted in the other equity (excluding capital reserve and securities premium reserve) on the convergence date but not including the following:--
  (A) amount or aggregate of the amounts adjusted in the other comprehensive income on the convergence date which shall be subsequently re-classified to the profit or loss;
  (B) revaluation surplus for assets in accordance with the Indian Accounting Standards 16 and Indian Accounting Standards 38 adjusted on the convergence date;
  (C) gains or losses from investments in equity instruments designated at fair value through other comprehensive income in accordance with the Indian Accounting Standards 109 adjusted on the convergence date;
  (D) adjustments relating to items of property, plant and equipment and intangible assets recorded at fair value as deemed cost in accordance with paragraphs D5 and D7 of the Indian Accounting Standards 101 on the convergence date;
  (E) adjustments relating to investments in subsidiaries, joint ventures and associates recorded at fair value as deemed cost in accordance with paragraph D15 of the Indian Accounting Standards 101 on the convergence date; and
  (F) adjustments relating to cumulative translation differences of a foreign operation in accordance with paragraph D13 of the Indian Accounting Standards 101 on the convergence date.]
  (3) Nothing contained in sub-section (1) shall affect the determination of the amounts in relation to the relevant previous year to be carried forward to the subsequent year or years under the provisions of sub-section (2) of section 32 or sub-section (3) of section 32A or clause (ii) of sub-section (1) of section 72 or section 73 or section 74 or sub-section (3) of section 74A.
  (4) Every company to which this section applies, shall furnish a report in the prescribed form from an accountant as defined in the Explanation below sub-section (2) of section 288, certifying that the book profit has been computed in accordance with the provisions of this section along with the return of income filed under sub-section (1) of section 139 or along with the return of income furnished in response to a notice under clause (i) of sub-section (1) of section 142.
  (5) Save as otherwise provided in this section, all other provisions of this Act shall apply to every assessee, being a company, mentioned in this section.]
  1[(5A) The provisions of this section shall not apply to any income accruing or arising to a company from life insurance business referred to in section 115B.]
  2[(6) The provisions of this section shall not apply to the income accrued or arising on or after the 1st day of April, 2005 from any business carried on, or services rendered, by an entrepreneur or a Developer, in a Unit or Special Economic Zone, as the case may be:]
  3[Provided that the provisions of this sub-section shall cease to have effect in respect of any previous year relevant to the assessment year commencing on or after the 1st day of April, 2012.]
  4[(7) Notwithstanding anything contained in sub-section (1), where the assessee 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 the effect as if for the words "eighteen and one-half per cent" wherever occurring in that sub-section, the words "nine per cent" had been substituted.
  Explanation.-For the purposes of this sub-section,-
  (a) "International Financial Services Centre" shall have the same meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005);
  (b) "unit" means a unit established in an International Financial Services Centre;
  (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.]
  1. Ins. by Act 10 of 2000, s. 52 (w.e.f. 1-4-2001).
  2. Subs. by Act 8 of 2011, s. 18, for "the 1st day of April, 2011" (w.e.f. 1-4-2012).
  3. Subs. by s. 18, ibid., for "eighteen per cent." (w.e.f. 1-4-2012).
  4. Subs. by Act 20 of 2002, s. 52, for "the tax payable for the relevant previous year shall be deemed to be seven and onehalf per cent. of such book profit" (w.e.f. 1-4-2001).
  5. Subs. by Act 23 of 2012, s. 48, for the portion beginning with the words "Every assessee," and ending with the words and figures "the Companies Act, 1956 (1 of 1956):" (w.e.f. 1-4-2013).
  6. Subs. by Act 7 of 2017, s. 47, for "profit and loss account" (w.e.f. 1-4-2017).
  7. Subs. by s. 47, ibid., for "Part II of Schedule VI" (w.e.f. 1-4-2017).
  8. Subs. by s. 47, ibid., for "the Companies Act, 1956 (1 of 1956)" (w.e.f. 1-4-2017).
  9. Subs. by s. 47, ibid., for "proviso to sub-section (2) of section 211" (w.e.f. 1-4-2017).
  10. Subs. by s. 47, ibid., for "section 210" (w.e.f. 1-4-2017).
  1. Subs. by Act 7 of 2017, s. 47, for "profit and loss account" (w.e.f. 1-4-2017).
  2. The Explanation numbered as Explanation 1 by Act 18 of 2008, s. 23 (w.e.f. 1-4-2001).
  3. Subs. by Act 7 of 2017, s. 47, for "net profit" (w.e.f. 1-4-2017).
  4. Ins. by Act 20 of 2002, s. 52 (w.e.f. 1-4-2003).
  5. Subs. by Act 21 of 2006, s. 24, for "section 10 (other than the provisions contained in clause (23G) thereof) or section 10A or section 10B or section 11 or section 12 apply," (w.e.f. 1-4-2007).
  6. The words, figures and letters "section 10A or section 10B or" omitted by Act 22 of 2007, s. 34 (w.e.f. 1-4-2008).
  7. Ins. by Act 20 of 2015, s. 30 (w.e.f. 1-4-2016).
  8. Ins. by Act 28 of 2016, s. 55 (w.e.f. 1-4-2017).
  9. Ins. by Act 21 of 2006, s. 24 (w.e.f. 1-4-2007).
  1. Subs. by Act 18 of 2008, s. 23, for the portion beginning with the words "if any amount referred" and ending with the words "as reduced by-" (w.e.f. 1-4-2001).
  2. Subs. by Act 33 of 2009, s. 46, for "if any amount referred to in clauses (a) to (h) is debited to the profit and loss account, and as reduced by-" (1-4-2001)
  3. Subs. by Act 23 of 2012, s. 48, for "if any amount referred to in clauses (a) to (i) is debited to the profit and loss account, and as reduced by, -" (w.e.f. 1-4-2013).
  4. Ins. by Act 20 of 2015, s. 30 (w.e.f. 1-4-2016).
  5. Subs. by Act 7 of 2017, s. 47, for "profit or loss account" (w.e.f. 1-4-2017).
  6. Subs. by Act 20 of 2002, s. 52, for clause (i) and the proviso (w.e.f. 1-4-2001).
  7. Subs. by Act 21 of 2006, s. 24, for "section 10 (other than the provisions contained in clause (23G) thereof)" (w.e.f. 1-4-2007).
  8. The words, figures and letters "section 10A or section 10B or" omitted by Act 22 of 2007, s. 34 (w.e.f. 1-4-2008).
  9. Ins. by Act 21 of 2006, s. 24 (w.e.f. 1-4-2007).
  10. Ins. by Act 20 of 2015, s. 30 (w.e.f. 1-4-2016).
  1. Subs. by Act 7 of 2017, s. 47, for "profit and loss account" (w.e.f. 1-4-2017).
  2. Ins. by Act 28 of 2016, s. 55 (w.e.f. 1-4-2017).
  3. Ins. by Act 13 of 2018, s. 37 (w.e.f. 1-4-2018).
  4. Subs. by Act 20 of 2002, s. 52, for clause (iii) and the Explanation (w.e.f. 1-4-2001).
  5. Clause (iv), clause (v) and clause (vi) omitted by Act 8 of 2011, s. 18 (w.e.f. 1-4-2005).
  6. Ins. by Act 18 of 2008, s. 23 (w.e.f. 1-4-2001).
  1. Ins. by Act 18 of 2008, s. 23 (w.e.f. 1-4-2001).
  2. Ins. by Act 23 of 2012, s. 48 (w.e.f. 1-4-2013).
  3. Subs. by Act 7 of 2017, s. 47, for "proviso to sub-section (2) of section 211 of the Companies Act, 1956 (1 of 1956)" (w.e.f. 1-4-2017).
  4. Subs. by s. 47, ibid., for "profit and loss account" (w.e.f. 1-4-2017).
  5. Subs. by s. 47, ibid., for "Part II and Part III of Schedule VI to the Companies Act, 1956 (1 of 1956)" (w.e.f. 1-4-2017).
  6. Ins. by Act 28 of 2016, s. 55 (w.e.f. 1-4-2001).
  7. Ins. by Act 13 of 2018, s. 37 (w.e.f. 1-4-2001).
  8. Ins. by Act 20 of 2015, s. 30 (w.e.f. 1-4-2016).
  9. Explanation 4 renumbered as Explanation 5 thereof by Act 28 of 2016, s. 55 (w.e.f. 1-4-2001).
  10. Ins. by Act 7 of 2017, s. 47 (w.e.f. 1-4-2018).
  1. Ins. by Act 23 of 2012, s. 48 (w.e.f. 1-4-2001).
  2. Ins. by Act 28 of 2005, s. 27 and the Second Schedule (w.e.f. 10-2-2006).
  3. Ins. by Act 8 of 2011, s. 18 (w.e.f. 1-4-2012).
  4. Ins. by Act 28 of 2016, s. 55 (w.e.f. 1-4-2017).
  1[Chapter XIIAB
  Special Provisions Relating to Certain 2[Persons Other Than A Company]
  3[115JC. Special provisions for payment of tax by certain persons other than a company.-
  (1) Notwithstanding anything contained in this Act, where the regular income-tax payable for a previous year by a person, other than a company, is less than the alternate minimum tax payable for such previous year, the adjusted total income shall be deemed to be the total income of that person for such previous year and he shall be liable to pay income-tax on such total income at the rate of eighteen and one-half per cent.
  (2) Adjusted total income referred to in sub-section (1) shall be the total income before giving effect to this Chapter as increased by-
  (i) deductions claimed, if any, under any section (other than section 80P) included in Chapter VIA under the heading "C.-Deductions in respect of certain incomes"; 4***
  (ii) deduction claimed, if any, 5[under section 10AA; and]
  6[(iii) deduction claimed, if any, under section 35AD as reduced by the amount of depreciation allowable in accordance with the provisions of section 32 as if no deduction under section 35AD was allowed in respect of the assets on which the deduction under that section is claimed.]
  (3) Every person to whom this section applies shall obtain a report, in such form as may be prescribed, from an accountant, certifying that the adjusted total income and the alternate minimum tax have been computed in accordance with the provisions of this Chapter and furnish such report on or before the due date of furnishing of return of income under sub-section (1) of section 139.]
  7[(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 onehalf per cent.", the words "nine per cent." had been substituted.]
  1. Ins. by Act 8 of 2011, s. 19 (w.e.f. 1-4-2012).
  2. Subs. by Act 23 of 2012, s. 49, for "LIMITED LIABILITY PARTERSHIPS" (w.e.f. 1-4-2013).
  3. Subs. by s. 50, ibid., for section 115JC (w.e.f. 1-4-2013).
  4. The "word" omitted by Act 25 of 2014, s. 39 (w.e.f. 1-4-2015).
  5. Subs. by s. 39, ibid., for "under section 10AA" (w.e.f. 1-4-2015).
  6. Ins. by s. 39, ibid. (w.e.f. 1-4-2015).
  7. Ins. by Act 13 of 2018, s. 38 (w.e.f. 1-4-2019).
  115JD. Tax credit for alternate minimum tax.-
  (1) The credit for tax paid by 8[a person under section 115JC shall be allowed to him] in accordance with the provisions of this section.
  (2) The tax credit of an assessment year to be allowed under sub-section (1) shall be the excess of alternate minimum tax paid over the regular income-tax payable of that year.
  9[Provided that where the amount of tax credit in respect of any income-tax paid in any country or specified territory outside India under section 90 or section 90A or section 91, allowed against the alternate minimum tax payable, exceeds the amount of the tax credit admissible against the regular income-tax payable by the assessee, then, while computing the amount of credit under this sub-section, such excess amount shall be ignored.]
  (3) No interest shall be payable on tax credit allowed under sub-section (1).
  (4) The amount of tax credit determined under sub-section (2) shall be carried forward and set off in accordance with the provisions of sub-sections (5) and (6) but such carry forward shall not be allowed beyond the 1[fifteenth assessment year] immediately succeeding the assessment year for which tax credit becomes allowable under sub-section (1).
  (5) In any assessment year in which the regular income-tax exceeds the alternate minimum tax, the tax credit shall be allowed to be set off to the extent of the excess of regular income-tax over the alternate minimum tax and the balance of the tax credit, if any, shall be carried forward.
  (6) If the amount of regular income-tax or the alternate minimum tax is reduced or increased as a result of any order passed under this Act, the amount of tax credit allowed under this section shall also be varied accordingly.
  8. Subs. by Act 23 of 2012, s. 51, for "a limited liability partnership under section 115JC shall be allowed to it" (w.e.f. 1-4-2013).
  9. Ins. by Act 7 of 2017, s. 48 (w.e.f. 1-4-2018).
  1. Subs. by Act 7 of 2017, s. 48, for "tenth assessment year" (w.e.f. 1-4-2018).
  115JE. Application of other provisions of this Act.-
  Save as otherwise provided in this Chapter, all other provisions of this Act shall apply to a 2[person] referred to in this Chapter.
  2. Subs. by Act 23 of 2012, s. 52, for "a limited liability partnership" (w.e.f. 1-4-2013).
  3[115JEE. Application of this Chapter to certain persons.-
  (1) The provisions of this Chapter shall apply to a person who has claimed any deduction under-
  (a) any section (other than section 80P) included in Chapter VI-A under the heading "C.- Deductions in respect of certain incomes"; or
  4[(b) section 10AA; or
  (c) section 35AD.]
  (2) The provisions of this Chapter shall not apply to an individual or a Hindu undivided family or an association of persons or a body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, if the adjusted total income of such person does not exceed twenty lakh rupees.]
  5[(3) Notwithstanding anything contained in sub-section (1) or sub-section (2), the credit for tax paid under section 115JC shall be allowed in accordance with the provisions of section 115JD.]
  3. Ins. by s. 53, ibid. (w.e.f. 1-4-2013).
  4. Subs. by Act 25 of 2014, s. 40, for clause (b) (w.e.f. 1-4-2015).
  5. Ins. by s. 40, ibid. (w.e.f. 1-4-2015).
  115JF. Interpretation in this Chapter.-
  In this Chapter-
  (a) "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288;
  6[(b) "alternate minimum tax" means the amount of tax computed on adjusted total income,--
  (i) in case of an assessee being a unit referred to in sub-section (4) of section 115JC, at a rate of nine per cent.;
  (ii) in any other case, at a rate of eighteen and one-half per cent.;]
  7[(ba) "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 purpose of the Foreign Exchange Management Act, 1999 and the rules made thereunder;
  (bb) "International Financial Services Centre" shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005;]
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  (d) "regular income-tax" means the income-tax payable for a previous year by 1[a person on his total income] in accordance with the provisions of this Act other than the provisions of this Chapter.]
  2[(e) "unit" means a unit established in an International Financial Services Centre.]
  6. Subs. by Act 13 of 2018, s. 39, for clause (b) (w.e.f.1-4-2019).
  7. Ins. by s. 39, ibid. (w.e.f. 1-4-2019).
  8. Clause (c) omitted by Act 23 of 2012, s. 54 (w.e.f. 1-4-2013).
  1. Subs. by Act 23 of 2012, s. 54, for "a limited liability partnership on its total income" (w.e.f. 1-4-2013).
  2. Ins. by Act 13 of 2018, s. 39 (w.e.f. 1-4-2018).
  3[Chapter XIIBB
  Special Provisions Relating to Conversion of Indian Branch of a Foreign Bank into a Subsidiary Company
  115JG. Conversion of an Indian branch of foreign company into subsidiary Indian company.-
  (1) Where a foreign company is engaged in the business of banking in India through its branch situate in India and such branch is converted into a subsidiary company thereof, being an Indian company (hereafter referred to as an Indian subsidiary company) in accordance with the scheme framed by the Reserve Bank of India, then, notwithstanding anything contained in the Act and subject to the conditions as may be notified by the Central Government in this behalf,-
  (i) the capital gains arising from such conversion shall not be chargeable to tax in the assessment year relevant to the previous year in which such conversion takes place;
  (ii) the provisions of this Act relating to treatment of unabsorbed depreciation, set off or carry forward and set off of losses, tax credit in respect of tax paid on deemed income relating to certain companies and the computation of income in the case of the foreign company and Indian subsidiary company shall apply with such exceptions, modifications and adaptations as may be specified in that notification.
  (2) In case of failure to comply with any of the conditions specified in the scheme or in the notification issued under sub-section (1), all the provisions of this Act shall apply to the foreign company and the said Indian subsidiary company without any benefit, exemption or relief under sub-section (1).
  (3) Where, in a previous year, any benefit, exemption or relief has been claimed and granted to the foreign company or the Indian subsidiary company in accordance with the provisions of sub-section (1) and, subsequently, there is failure to comply with any of the conditions specified in the scheme or in the notification issued under sub-section (1), then,-
  (i) such benefit, exemption or relief shall be deemed to have been wrongly allowed;
  (ii) the Assessing Officer may, notwithstanding anything contained in this Act, re-compute the total income of the assessee for the said previous year and make the necessary amendment; and
  (iii) the provisions of section 154 shall, so far as may be, apply thereto and the period of four years specified in sub-section (7) of that section being reckoned from the end of the previous year in which the failure to comply with the condition referred to in sub-section (1) takes place.
  (4) Every notification issued under this section shall be laid before each House of Parliament.]
  3. Ins. by Act 23 of 2012, s. 55 (w.e.f. 1-4-2013).
  4[Chapter XIIBC
  Special Provisions Relating to Foreign Company Said to be Resident in India
  115JH. Foreign company said to be resident in India.-
  (1) Where a foreign company is said to be resident in India in any previ- ous year and such foreign company has not been resident in India in any of the previous years preceding the said previous year, then, notwithstanding anything contained in this Act and subject to the conditions as may be notified by the Central Government in this behalf, the provisions of this Act relating to the computation of total income, treatment of unabsorbed depreciation, set off or carry forward and set off of losses, collection and recovery and special provisions relating to avoidance of tax shall apply with such exceptions, modifications and adaptations as may be specified in that notification for the said previous year:
  Provided that where the determination regarding foreign company to be resident in India has been made in the assessment proceedings relevant to any previous year, then, the provisions of this sub-section shall also apply in respect of any other previous year, succeeding such previous year, if the foreign company is resident in India in that previous year and the previous year ends on or before the date on which such assessment proceeding is completed.
  (2) Where, in a previous year, any benefit, exemption or relief has been claimed and granted to the foreign company in accordance with the provisions of sub-section (1), and, subsequently, there is failure to comply with any of the conditions specified in the notification issued under sub-section (1), then,-
  (i) such benefit, exemption or relief shall be deemed to have been wrongly allowed;
  (ii) the Assessing Officer may, notwithstanding anything contained in this Act, re-compute the total income of the assessee for the said previous year and make the necessary amendment as if the exceptions, modifications and adaptations referred to in sub-section (1) did not apply; and
  (iii) the provisions of section 154 shall, so far as may be, apply thereto and the period of four years specified in sub-section (7) of that section being reckoned from the end of the previous year in which the failure to comply with the condition referred to in sub-section (1) takes place.
  (3) Every notification issued under this section shall be laid before each House of Parliament.]
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  4. Ins. by Act 28 of 2016, s. 56 (w.e.f. 1-4-2017).
  1. Chapter XIIC consisting of sections 115K to 115N omitted by Act 26 of 1997, s. 39 (w.e.f. 1-4-1998). Earlier Chapter XIIC was inserted by the Act 18 of 1992, s. 58 (w.e.f. 1-4-1993).
  115K. [Special provision for computation of income in certain cases.]-Omitted by the Finance Act 1997 (26 of 1997), s. 39 (w.e.f. 1-4-1998).
  115L. [Return of income not to be filed in certain cases.]-Omitted by the Finance Act, 1997 (26 of 1997), s. 39 (w.e.f. 1-4-1998).
  115M. [Special provision for disallowance of deductions and rebate of income-tax.]-Omitted by the Finance Act, 1997 (26 of 1997), s. 39, (w.e.f. 1-4-1998).
  115N. [Bar of proceedings in certain cases.]-Omitted by the Finance Act, 1997 (26 of 1997), s. 39, (w.e.f. 1-4-1998).