November 2024

Scoops Ice Cream Franchise

learn / /
Scoops Ice Cream Franchise

Scoops Ice Cream is a popular ice cream chain that offers a variety of ice cream flavors, sundaes, shakes, and other frozen desserts. The brand is known for its unique flavors, high-quality ingredients, and a wide range of options that cater to different tastes and dietary preferences.Ice-cream is known to be a seasonal product with tremendous demand in the summer season, but in recent years, consumption of ice-cream and other frozen desserts in winters has been on the rise. In India, Scoops ice cream was introduced in the year 1989 by Haridwar group and is one of the fastest growing brands ice creams in the market. Scoops Ice Cream Franchise Services Provide a detailed operating manual for the franchise. Extensive and intensive training at Headquarters will be given for effective sales and marketing. Assists in all aspects of operating the franchise. On-going support will be available even after franchise startup. Guidance for selection of sites/location from experienced officials. Regular updates on the latest technological improvements and new flavors. What are the Requirements? Initial Investment: This includes the franchise fee (the upfront payment for the brand license), store setup costs, and equipment. Costs can vary depending on the location and store size. Royalty Fees: Franchisees usually pay an ongoing royalty fee, which is a percentage of the revenue. This fee helps cover the continued use of the brand and support from the franchisor. Marketing Fees: Franchisees might contribute to a national or regional marketing fund to promote the brand across all stores. Location and Setup: Scoops Ice Cream franchises need a location that aligns with the brand’s image, ideally in a high-traffic area like a mall or shopping center. Financial and Area Specifications An interested applicant is required to invest an amount of Rs.1 Lakh to Rs. 10 Lakhs as per the area specifications. The outlets are set-up with square feet ranging between 150-1000 square feet; and is located in potential areas such as Multiplex, educational institutions, Modern Trade or Malls, transport stations, Parlour on wheels, municipal transport gardens, etc. Proprietary Products The produced traded in such outlets are fully loaded with the Ice creams like Candies, Novelties, Scooping Gallons, Bars, Cups, Ice cream Cakes, Family Packs etc. Training Training for seven days will be given to the eligible applicant covering all aspects of conducting a franchise, will be held at the head office at Hyderabad or in any other desired location. Term of Agreement The Franchisee needs to sign an MOU which contains the written statement about the company terms and condition will sign a franchise agreement with selected franchise owner for five years initially. The agreement is however renewable if both the parties agree. Process for Applying Scoops Franchise Online Please visit the official website of Scoops Ice cream. Select the “Scoop Franchise” option from the menu bar on the home page of the portal. Click on ” Franchise Application form” to apply for Scoops franchise. The applicant has to fill the application form with the required details and click on the”Submit” button for successful registration. FAQs What is the Scoops Ice Cream Franchise? Scoops Ice Cream is a popular ice cream brand offering a variety of flavors, desserts, and beverages. The Scoops Ice Cream Franchise allows entrepreneurs to open their own Scoops outlet under the brand name, following its business model, and selling its products. What are the benefits of opening a Scoops Ice Cream Franchise? Brand Recognition: Benefit from the established brand presence and customer loyalty. Proven Business Model: The franchise provides a ready-to-implement business model with a clear operational structure. Support: You receive support in areas such as training, marketing, and supply chain management. Product Range: Access to a variety of ice cream products and innovative offerings. Ongoing Marketing Support: Franchisees receive marketing materials and promotiona

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Section 80EE Income Tax Deduction for Interest on Home Loan

learn / /
section 80ee income tax deduction for interest on home loan

Section 80EE is a tax benefit provided under the Income Tax Act, which allows deductions of up to Rs. 50,000 annually on the interest paid to buy your first home. The Section was introduced earlier for FY 2013-14 and FY 2014-2015 with overall deductions of up to Rs. 1 lakh.  In FY 2016-17, Section 80EE was reintroduced with the following modifications: Rs. 50,000 annual tax deductions Until the loan is repaid completely What is Section 80EE of the Income Tax Act? Section 80EE offers tax relief to taxpayers who have taken out a home loan. It allows home buyers to take income tax benefits on the interest they need to pay on a home loan. As per this section, a deduction of up to Rs. 50,000 per financial year can be claimed. This deduction can be claimed only if the taxpayer opts for the old tax regime. *The home loan must be sanctioned between 1st April, 2016, and 31st March, 2017. What are the features of Section 80EE deduction? Section 80EE allows Income Tax Benefits on Home Loan to first-time buyers in the following events:- This deduction will be provided only if the cost of the property acquired is not more than Rs. 50 Lakhs, and the amount of the loan taken is up to Rs. 35 Lakhs. The loan should be sanctioned between 1st April 2016 and 31st March 2022 The advantage of this deduction would be possible until the loan payment continues. This deduction would be accessible from the financial year 2016-17 and onwards. Particulars Quantum of Deduction (Rs.) Self-Occupied Property Non-Self Occupied Property Section 24 (interest) 2,00,000 No Limit Section 80C (principal) 1,50,000 1,50,000 Section 80EE (interest) 50,000 50,000 The earlier tax deductions are per person and not per home. So in case a taxpayer has acquired a property collectively and has taken a joint home loan, each person repaying the loan amount would be qualified to claim the deduction individually. For declaring the above tax deduction, a taxpayer would be expected to furnish the declaration provided by the bank clearly showing the amount owed and paid towards interest and principal. Eligibility for claiming a deduction under section 80EE Individual taxpayers can claim benefits under this section either individually or jointly. If a person has purchased a property contemporaneously with his or her mate and they are both giving the payments of the loan, then both of them can claim this deduction.The tax benefit is not available to Association of Persons (AOP), Hindu Undivided Families (HUF), Companies, Trusts, etc. Only first-time home buyers can claim tax benefits under Section 80EE i.e., the assessee does not own any residential house property on the date of sanction of loan. To claim this deduction, the person must have received the loan from a financial institution or a housing finance company. Section 80EE tax benefit is available on a per-person basis and not on the basis of per property. The maximum deduction of Rs 50,000 can be claimed under this section. This tax deduction is over and above the limit of Rs. 2 lakh as per section 24(b). What are the conditions for claiming Section 80EE deductions to be met? The taxpayer should not own any residential house property on the date of loan sanction. The value of the house property should be up to Rs. 50 lakhs. The home loan taken should be up to Rs. 35 lakhs. Section 80EE provides a deduction only for the interest portion of a house loan. The house loan must be sanctioned by a Housing Finance organization or a financial institution. The tax benefit is not available for loans on commercial property for commercial businesses. For claiming deductions under this section, the loan must have been sanctioned between 01.04.16 to 31.03.2022 How to Claim House Loan Interest in ITR? Collect Loan Documents: Gather all the relevant documents related to your housing loan. This includes the loan agreement, interest certificate, and details of the principal and interest components paid during the financial year. Determine Tax Deductions: As a homeowner, you can claim tax deductions on the interest paid on your housing loan under Section 24(b) of the Income Tax Act. The maximum deduction allowed is up to Rs. 2 lakh per financial year for a self-occupied property. If the property is rented out, there is no maximum limit on the deduction, and you can claim the entire interest amount. Form 16 or Interest Certificate: If you are a salaried individual and have a home loan, your employer will provide Form 16, which contains details of the interest paid on the housing loan during the financial year. If you are not a salaried individual, your lender will issue an interest certificate reflecting the interest paid. Fill ITR Form: Use the appropriate ITR form based on your income sources and financial status. For most individuals with salary income and house loan interest, ITR-1 or ITR-2 is usually applicable. FAQs Who is eligible for 80EE? The Section 80EE deduction is available only to first-time homeowners. If two individuals co-own the home and both contribute to loan payments, they both qualify for the deduction. What is 80EE exemption? Section 80EE permits home loan tax benefits to individuals on the interest part of the residential house property loan taken from any financial institution. According to this section, one can claim a deduction of up to Rs 50,000 per financial year. You can claim this deduction until you have completely repaid your loan. Note that taxpayers can claim a deduction under 80EE only if they had a home loan that was sanctioned between 1 April 2016 to 31 March 2017. 

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GST Reverse Charge Transactions

Goods & Service Tax / /
GST Reverse Charge Transactions

Reverse charge mechanism (RCM) under GST refers to the situation where the liability to pay tax for the supply of goods or services shifts from the supplier to the recipient, particularly in specific cases involving purchases from unregistered dealers. This mechanism aims to broaden tax collection, especially in unorganised sectors, and covers certain services imports. What is Reverse Charge Mechanism? The supplier of goods or services pays the tax on supply. Under the reverse charge mechanism, the recipient of goods or services becomes liable to pay the tax, i.e., the chargeability gets reversed. The objective of shifting the burden of GST payments to the recipient is to widen the scope of levy of tax on various unorganized sectors, to exempt specific classes of suppliers, and to tax the import of services (since the supplier is based outside India). Reverse Charge Mechanism Example Example 1 XYZ Pvt Ltd, a registered company, purchases raw cashews worth ₹50,000 from an unregistered farmer. Since the farmer doesn’t charge GST, XYZ Pvt Ltd is responsible for paying GST under RCM. The company calculates 5% GST, amounting to ₹2,500, and pays it directly to the government. It later includes this amount in its GST liability when filing tax returns. Example 2 An SME registered under GST hires an unregistered freelancer for website design services worth ₹20,000. Since the freelancer doesn’t charge GST, the SME is responsible for paying it under RCM. The SME calculates 18% GST, amounting to ₹3,600, and pays it directly to the government. It later includes this amount in its GST liability when filing tax returns. Different Types of Reverse Charges Under GST 1. Forward Charge In a forward charge scenario, the supplier collects the tax from the customer and then pays it to the tax authorities. For example, if a car manufacturing company sells auto parts worth ₹1,00,000 to a trader, it collects GST from the trader and later pays it to the government. This is the standard process for most transactions under GST. 2. Backward Charge The reverse charge or backward charge method is less common but is used in specific situations to ensure tax compliance and increase tax revenues. Under the GST reverse charge, the recipient of the service becomes responsible for paying the tax directly to the government. For example, if a chartered accountant provides professional services worth ₹50,000 to a client, it is the client who is liable to pay GST under this mechanism. Several services fall under reverse charge on GST: Goods transport agency (GTA) services Legal services Rent-a-car services Manpower supply services Import of taxable services Security services Service portion in execution of works contract Sponsorship services When is Reverse Charge under GST Applicable Supply from Unregistered or Registered Dealers –  Reverse Charge will occur if a seller who is not registered for GST supplied products to an individual who is registered for GST. This ensures that the GST would have to be billed directly to the government by the recipient rather than the seller.  The licensed dealer who is required to pay GST under reverse charge must self-invoice for sales made. The customer would pay IGST on interstate sales. The customer must pay CGST and SGST on intra-state purchases under RCM. Services through eCommerce Operators – Where an e-commerce operator provides facilities, the e-commerce operator would be subject to a reverse charge. He would be required to pay GST.  For eg, UrbanClap offers the services of plumbers, electricians, teachers, beauticians, and other professionals. Instead of licensed service providers, UrbanClap is required to pay GST and receive it from consumers. If the e-commerce operator does not have a physical presence in the taxable jurisdiction, a person representing such an e-commerce operator for any reason must pay tax. If there is no official, the operator will nominate one who will be responsible for GST. CBEC-specified supply of such goods and services – The CBEC has published a list of products and services that are subject to a reverse payment. This case is reversed when the individual purchasing the goods and services is required to pay taxes. If the recipient purchases products from an unregistered provider, GST must be charged on their behalf. The retailer must give a payment voucher to the receiver. According to Section 2(94) of the CGST Act, 2017, the recipient must be a registered individual. According to Section 2(98) of the CGST Act of 2017, a “reverse charge” is the obligation to pay tax by the purchaser of delivery of products or services or both rather than the seller of those goods or services or both. Who Needs to GST in Reverse Charge Mechanism According to GST rules, the person supplying the goods must indicate on the tax invoice whether or not tax is payable under the RCM. When making GST payments under RCM, keep the following points in mind: The ITC on the tax amount paid under RCM can be claimed by the recipient of goods or services only if such goods or services are utilised for business or furthering of business. When discharging duty under RCM, a composition dealer shall pay tax at the regular rates, not the composition rates. They are also ineligible to claim any input tax credit for taxes paid. The GST compensation cess can be applied to the RCM tax payable or paid. Current RCM under GST In the current situation, the reverse charge process is used in service tax for utilities such as insurance agents, manpower supply, and goods transport agencies, among others. In contrast to the Service Tax, there is no definition of a partial reversal fee. The recipient would pay the full amount of tax on the supply. Previously, it was difficult to raise service tax from the various unorganized markets, equivalent to goods transportation. The attempt has been made to position the facilities in accordance with the current system, and as a result, compliance and tax revenues can be improved by the reverse charge process.  The reverse fee is now available on all goods and services. Goods supplied under the

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Rajasthan Kisan Kaleva Yojana

Government Schemes / /
Rajasthan Kisan Kaleva Yojana

The Kisan Kaleva Scheme, initiated by the Rajasthan Government’s Agriculture Department, provides food at concessional rates through coupons to farmers and their assistants selling crops in vegetable market premises. Registered farmers and their assistants can avail a plate of food for ₹5/- under this provision. This initiative aims to alleviate the financial burden on farmers and their helpers while ensuring they have access to affordable and nutritious meals during their visits to the market. Through the Kisan Kaleva Scheme, the government demonstrates its commitment to supporting agricultural communities and promoting their well-being by offering practical assistance. Introduction In order to provide nutritious food to our farmers at a subsidized or concessional rate, the government has started “Rajasthan Kisan Kaleva Yojana”. The main objective of the scheme is to provide nutritious food to farmers and register hamal in mandi at subsidized rate. The announced scheme is the modified version of ‘Apani Rasoi Yojana, commenced in the year 2009. In 2014, the state government renamed the ‘Apani Rasoi Yojana’ to ‘Kisan Kaleva Yojana’. Often we seen farmers visit marketplaces to sell their agricultural commodities from a far. With this initiative, farmers, along with the registered hamal/palledar/tulara, can purchase meals at a reasonable price. Under the scheme, government will provide a thali which includes items like : – Chapatis (8) A bowl of daal. A bowl of vegetables. Buttermilk (during summer season) Jaggery (during winter season) The thali provided under the Kisan Kaleva Yojana costs around Rs 40/- but mandi samiti provide a grant of Rs 35/- through this scheme. As a result, the cost of thali provided to the farmers will be just Rs 5 per plate. Maximum two coupons per vehicle will be provided to farmers. Farmers can collect these Kisan Kaleva Yojana food coupons when entering the mandi gate. Benefits The scheme aims to provide affordable and nutritious meals to farmers and their helpers at a subsidized rate of ₹5/- per plate. The meals will be provided in the mandi premises itself. The menu for the meal includes: 8 chapatis (made from 250 grams of flour). 1 bowl of dal (125 grams). 1 bowl of vegetables (125 grams). 50 grams of jaggery (in winter, from October to March). 200 ml of buttermilk (in summer, from April to September). Eligibility The applicant should be Hamal/Palledar/Tulara of the farmers coming to sell agricultural commodities. The applicant should be a member of the market premises. The applicant should be a license holder of the market. Documents Required Janaadhar number. Mandi Registration Number. Mobile Number. SSO ID number. Identification proof. Application Process Step-1: Applicant have to visit the official portal. Step-2: Click on the option “Register”.Step-3: Then you will be redirected to the SSO registration page. The registration page will appear with the following options. Citizen Step-4: Choose the either one option from the Jan Aadhaar Or Google to process further. Jan Aadhaar : Enter the Jan Aadhaar number, click on the ‘Next’ button, Select your name, the name of the head of the family and all the other members and Click on the ‘Send OTP’ button. Enter the ‘OTP’ and Click on the ‘Verify OTP’ button to Complete the registration. Google : Enter the Gmail ID, click on the ‘Next’ button, Enter the password. A new link appear on screen, now click on the new SSO link. SSO id will appear on the screen, now create the password. Enter Mobile number, click on registration. Step-5: Submit. Apply Step-1: Applicant have to visit the official portal. Step-2: After login, dashboard will open.Step-3: Click on “ RAJ-KISAN ” option. Step-4: In “Farmer”, click on “Application Entry Request”.Step-5: Enter the “Bhamashah ID” or “Janaadhaar ID” and search. Step-6: Select the person name and scheme name. Step-7: Complete the Aadhaar Authentication and click on Get details. Step-8: Provide the required details. – Pensioner Details. – Bank Details. – Disability Details. – Verification Details. – Upload Documents.Step-9: Submit. When the coupon code is issued to the farmer, license holder Hamal/Palledar/Tulara is provided by the concerned farmer to the Kaleva operator, after the coupon code is verified on the operator’s system, the concerned person is provided food at a concessional rate of ₹ 5/-. FAQs How long will the food coupon be valid? The food coupon will be valid for 24 hours. How has the Kisan Kaleva Yojana benefited agricultural communities in Rajasthan? The scheme has provided significant relief to farmers and their assistants by reducing their expenses on meals and ensuring they have access to essential food items during their work hours.

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Section 30 – Finance Acts

Finance Acts / /

Amendment of section 112 In section 112 of the Income-tax Act, in sub-section (1), for the clauses (a), (b), (c), (d) and the first proviso, the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— “(a)   in the case of an individual or a Hindu undivided family, being a resident,— (i)   the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been his total income; and (ii)   the amount of income-tax calculated on such long-term capital gains,— (A)   at the rate of twenty per cent for any transfer which takes place before the 23rd day of July, 2024; and (B)   at the rate of twelve and one-half per cent for any transfer which takes place on or after the 23rd day of July, 2024:     Provided that where the total income as reduced by such long-term capital gains is below the maximum amount which is not chargeable to income-tax, then, such long-term capital gains shall be reduced by the amount by which the total income as so reduced falls short of the maximum amount which is not chargeable to income-tax and the tax on the balance of such long-term capital gains shall be computed at the rate as applicable in sub-clause (ii):     Provided further that in the case of transfer of a long-term capital asset, being land or building or both, which is acquired before the 23rd day of July, 2024, where the income-tax computed under item (B) exceeds the income-tax computed in accordance with the provisions of this Act, as they stood immediately before their amendment by the Finance (No. 2) Act, 2024, such excess shall be ignored;. (b)   in the case of a domestic company,— (i)   the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been its total income; and (ii)   the amount of income-tax calculated on such long-term capital gains,— (A)   at the rate of twenty per cent for any transfer which takes place before the 23rd day of July, 2024; and (B)   at the rate of twelve and one-half per cent for any transfer which takes place on or after the 23rd day of July, 2024; (c)   in the case of a non-resident (not being a company) or a foreign company,— (i)   the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been its total income; and (ii)   the amount of income-tax calculated on long-term capital gains [except where such gain arises from transfer of capital asset referred to in sub-clause (iii)],— (A)   at the rate of twenty per cent for any transfer which takes place before the 23rd day of July, 2024; and (B)   at the rate of twelve and one-half per cent for any transfer which takes place on or after the 23rd day of July, 2024; and (iii)   the amount of income-tax on long-term capital gains arising from the transfer of a capital asset, being unlisted securities or shares of a company not being a company in which the public are substantially interested, as computed without giving effect to the first and second provisos to section 48, calculated on such long-term capital gains,— (A)   at the rate of ten per cent for any transfer which takes place before the 23rd day of July, 2024; and (B)   at the rate of twelve and one-half per cent for any transfer which takes place on or after the 23rd day of July, 2024; (d)   in any other case of a resident,— (i)   the amount of income-tax payable on the total income as reduced by the amount of long-term capital gains, had the total income as so reduced been its total income; and (ii)   the amount of income-tax calculated on such long-term capital gains,— (A)   at the rate of twenty per cent for any transfer which takes place before the 23rd day of July, 2024; and (B)   at the rate of twelve and one-half per cent for any transfer which takes place on or after the 23rd day of July, 2024:     Provided that where the tax payable in respect of any income arising from the transfer of a long-term capital asset which takes place before the 23rd day of July, 2024, being listed securities (other than a unit) or zero coupon bond, exceeds ten per cent of the amount of capital gains before giving effect to the provisions of the second proviso to section 48, then, such excess shall be ignored for the purpose of computing the tax payable by the assessee:”.

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Section 29 – Finance Acts

Finance Acts / /

Amendment of section 111A In section 111A of the Income-tax Act, in sub-section (1), with effect from 23rd day of July, 2024,— (a)   for the long line occurring before the first proviso, the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:—     “the tax payable by the assessee on the total income shall be the aggregate of— (i)   the amount of income-tax calculated on such short-term capital gains— (a)   at the rate of fifteen per cent for any transfer which takes place before the 23rd day of July, 2024; and (b)   at the rate of twenty per cent for any transfer which takes place on or after the 23rd day of July, 2024; (ii)   the amount of income-tax payable on the balance amount of the total income as if such balance amount were the total income of the assessee:”; (b)   in the first proviso, for the words “rate of fifteen per cent”, the words, brackets and figure “rate as applicable in clause (i)” shall be substituted and shall be deemed to have been substituted.

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Section 28 – Finance Acts

Finance Acts / /

Amendment of section 94B In section 94B of the Income-tax Act, with effect from the 1st day of April, 2025,— (a)   in sub-section (3), after the words “banking or insurance”, the words “or a Finance Company located in any International Financial Services Centre,” shall be inserted; (b)   in sub-section (5), after clause (iii), the following clauses shall be inserted, namely:—     ‘(iv) “Finance Company” means a finance company as defined in clause (e) of sub-regulation (1) of regulation 2 of the International Financial Services Centres Authority (Finance Company) Regulations, 2021 made under the International Financial Services Centres Authority Act, 2019 (50 of 2019) and which satisfies such conditions and carries on such activities, as may be prescribed;     (v) “International Financial Services Centre” shall have the meaning as assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005).’.

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Section 27 – Finance Acts

Finance Acts / /

Amendment of section 92CA  In section 92CA of the Income-tax Act, with effect from the 1st day of April, 2025,— (a)   in sub-section (2A),— (i)   for the words and bracket “any other international transaction [other than an international transaction]”, the words and bracket “any other international transaction or specified domestic transaction [other than an international transaction or a specified domestic transaction]” shall be substituted; (ii)   for the words “if such other international transaction is an international transaction”, the words “if such other international transaction or a specified domestic transaction is an international transaction or a specified domestic transaction” shall be substituted; (b)   in sub-section (2B),— (i)   after the words “Where in respect of an international transaction”, the words “or a specified domestic transaction” shall be inserted; (ii)   for the words “such transaction is an international transaction”, the words “such transaction is an international transaction or a specified domestic transaction” shall be substituted.

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Section 26 – Finance Acts

Business / /

Amendment of section 80G In section 80G of the Income-tax Act,— (a)   in sub-section (2), in clause (a), in sub-clause (iiihg), for the words “the National Sports Fund to be set up”, the words “the National Sports Development Fund set up” shall be substituted with effect from the 1st day of April, 2025; (b)   in sub-section (5), with effect from the 1st day of October, 2024,— (I)   in the first proviso,— (i)   in clause (iii), for the words “whichever is earlier;”, the words “whichever is earlier; or” shall be substituted; (ii)   in clause (iv),— (a)   the words “in any other case,” shall be omitted; (b)   in sub-clause (B), the portion beginning with the words “and where no income or part” and ending with the words “such application,” shall be omitted; (II)   in the second proviso, in clause (ii), in sub-clause (b), for item (B), the following item shall be substituted, namely:—     “(B) if he is not so satisfied, pass an order in writing, rejecting such application and cancelling its approval, if any, after affording it a reasonable opportunity of being heard;”; (III)   for the third proviso, the following proviso shall be substituted, namely:—     “Provided also that the order under clause (i) and clause (iii) of the second proviso shall be passed in such form and manner as may be prescribed, before expiry of the period of three months and one month, as the case may be, calculated from the end of the month in which the application was received:”; (IV)   after the third proviso, the following proviso shall be inserted, namely:—     “Provided also that the order under sub-clause (b) of clause (ii) of the second proviso shall be passed in such form and manner as may be prescribed, before expiry of the period of six months from the end of the quarter in which the application was received:”

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Section 25 – Finance Acts

Finance Acts / /

Amendment of section 80CCD In section 80CCD of the Income-tax Act, in sub-section (2), the following proviso shall be inserted with effect from the 1st day of April, 2025, namely:— ‘Provided that where the total income of the assessee is chargeable to tax under sub-section (1A) of section 115BAC, the provisions of sub-section (2) shall have effect as if for the words “ten per cent” referred to in clause (b), the words “fourteen per cent” had been substituted.’.

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