In this Chapter-
(a) "accountant" shall have the same meaning as in the Explanation below sub-section (2) of section 288;
1 (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.;
2 (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 4 a person on his total income in accordance with the provisions of this Act other than the provisions of this Chapter.
5 (e) "unit" means a unit established in an International Financial Services Centre.
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1. Subs. by Act 13 of 2018, s. 39, for clause (b) (w.e.f.1-4-2019).
2. Ins. by s. 39, ibid. (w.e.f. 1-4-2019).
3. Clause (c) omitted by Act 23 of 2012, s. 54 (w.e.f. 1-4-2013).
4. Subs. by Act 23 of 2012, s. 54, for "a limited liability partnership on its
total income" (w.e.f. 1-4-2013).
5. Ins. by Act 13 of 2018, s. 39 (w.e.f. 1-4-2018).
Section 115I Chapter not to apply if the assessee so chooses
Section 115J Special provisions relating to certain companies
Section 115JA Deemed income relating to certain companies
Section 115JAA Tax credit in respect of tax paid on deemed income relating to certain companies
Section 115JB Special provision for payment of tax by certain companies
Section 115JC Special provisions for payment of tax by certain persons other than a company
Section 115JD Tax credit for alternate minimum tax
Section 115JE Application of other provisions of this Act
Section 115JEE Application of this Chapter to certain persons