Amendment of section 115JB
In section 115JB of the Income-tax Act, with effect from the 1st day of April, 2020,—
| (a) | in sub-section (1), the following proviso shall be inserted, namely:— | |
| ‘Provided that for the previous year relevant to the assessment year commencing on or after the 1st day of April, 2020, the provisions of this sub-section shall have effect as if for the words “eighteen and one-half per cent” occurring at both the places, the words “fifteen per cent” had been substituted.’; | ||
| (b) | for sub-section (5A), the following sub-section shall be substituted, namely:— |
| “(5A) The provisions of this section shall not apply to,— | ||
| (i) | any income accruing or arising to a company from life insurance business referred to in section 115B; | |
| (ii) | a person who has exercised the option referred to under section 115BAA or section 115BAB.”. |
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