Corporate income tax | Updated 27 October 2026

Section 115JB of Income Tax Act: Minimum Alternate Tax (MAT) and Book Profit

Section 115JB of the Income-tax Act, 1961 governed Minimum Alternate Tax (MAT) for companies. For tax years beginning on or after 1 April 2026, the corresponding provision is Section 206 of the Income-tax Act, 2025, as amended by the Finance Act, 2026. The rules and rates differ by tax year.

Important update: The old article quoted an 18.5% MAT rate, which applied to earlier years. The generally applicable rate under Section 115JB for the later 1961 Act years was 15%, while the 2026 reform reduced the general rate under the 2025 Act to 14% for tax year 2026-27 onward. The special IFSC rate remains subject to its own statutory conditions.

What is Minimum Alternate Tax?

MAT is an alternative tax calculation for certain companies that report book profits but have comparatively low income-tax liability under ordinary provisions. The company compares its normal tax with MAT computed on book profit, subject to the applicable statute, rates, exclusions, surcharge and cess. Generally, the higher liability governs.

Book profit is not simply accounting profit or taxable income. It starts with profit disclosed in the prescribed financial statements and is adjusted by additions and reductions expressly permitted by the relevant tax provision.

Section 115JB and the 2025 Act: Which law applies?

Period	Relevant law	General MAT rate
Earlier historical periods	Section 115JB, Income-tax Act, 1961	Rates changed over time, including 7.5%, 10%, 15%, 18% and 18.5%; verify the specific assessment year
Later assessment years under the 1961 Act, including AY 2026-27	Section 115JB, Income-tax Act, 1961	15% of book profit, plus applicable surcharge and cess
Tax year 2026-27 onward	Section 206, Income-tax Act, 2025, as amended in 2026	14% generally, subject to special rates and statutory conditions

Section 115J applied to an earlier period, and Section 115JA applied principally to assessment years 1997-98 to 2000-01. They should not be confused with Section 115JB or the new Section 206.

How is book profit computed?

Under Section 115JB(2), the starting point was the profit shown in the prescribed statement of profit and loss prepared in accordance with the Companies Act, 2013, or the special law governing specified companies. The legislation then required statutory adjustments. The principal categories are summarised below; this is not a substitute for the full statutory computation.

Common statutory additions

Income-tax paid or payable and provisions for income-tax, when debited.
Transfers to reserves, provisions for unascertained liabilities and provisions for losses of subsidiaries, subject to statutory conditions.
Specified dividends, expenditure relating to exempt income and deferred tax provisions.
Depreciation debited to the profit and loss account, certain provisions for diminution in asset value, and other specified amounts.
Applicable adjustments relating to Ind AS, business trusts, revaluation reserves and other special transactions.

Common statutory reductions

Eligible withdrawals from reserves or provisions, subject to the conditions governing earlier additions.
Specified exempt income credited to the accounts.
Permitted depreciation reductions, including rules for revaluation-related depreciation.
The lower of brought-forward book loss (excluding depreciation) or unabsorbed book depreciation, subject to the prescribed restrictions and special insolvency provisions.
Other expressly specified reductions, including qualifying Ind AS adjustments.

The precise list, effective dates and accounting treatment matter. Some special additions and reductions in the source text concern historical amendments; current calculations must use the law for the relevant year.

Illustrative MAT calculation

Assume a company has book profit of Rs. 1,00,00,000 after all permitted statutory adjustments and normal income-tax of Rs. 10,00,000 before surcharge and cess. For a year with a general MAT rate of 15%, the basic MAT is Rs. 15,00,000. Since this exceeds normal basic tax, MAT generally applies, with applicable surcharge and cess added. For a tax year subject to the 14% rate, the corresponding basic MAT would be Rs. 14,00,000. These figures are illustrations only, not a complete tax computation.

Companies and income outside MAT

Section 115JB provided specific exclusions, including companies opting for the concessional corporate tax regimes under Sections 115BAA or 115BAB, qualifying life-insurance income and specified foreign-company circumstances. A qualifying International Financial Services Centre (IFSC) unit deriving income solely in convertible foreign exchange had a special 9% rate. The 2025 Act contains corresponding rules and exclusions under Section 206; each must be checked against the company's actual facts.

Companies cannot assume that an exemption from MAT applies merely because they are foreign-owned, situated in an SEZ, or have carried-forward losses. The conditions and effective dates are decisive.

MAT credit: Section 115JAA and the 2026 reform

Historically, Section 115JAA allowed eligible MAT credit to be carried forward, generally for up to 15 assessment years for credit arising under Section 115JB, and set off in years when normal tax exceeded MAT, within statutory limits. Credit did not carry interest.

Under the Finance Act, 2026 changes for tax year 2026-27 onward, new MAT paid under the old corporate tax regime is treated as final tax and does not generate fresh MAT credit. The treatment of previously accumulated credit differs for domestic and foreign companies and is subject to conditions. Domestic companies moving to the new regime have a statutory limit linked to 25% of tax liability; foreign companies have a different limit based on the excess of normal tax over MAT. See the official Budget 2026 guidance before using credit in a return.

MAT reporting and compliance

Under Section 115JB(4), a company subject to MAT was required to obtain an accountant's report certifying book profit, ordinarily furnished in Form 29B. For the Income-tax Act, 2025, the department has introduced Form 66 under the Income-tax Rules, 2026 for Section 206(1) reporting. Filing obligations and deadlines must be checked for the relevant tax year and applicable rules.

Frequently asked questions

Is Section 115JB still the governing provision in October 2026?

For tax year 2026-27 onward, Section 206 of the Income-tax Act, 2025 governs MAT. Section 115JB remains relevant to earlier years, assessments, appeals, and historic tax credits.

Is MAT always 15%?

No. The rate has changed over time. The general rate under the later years of Section 115JB was 15%; the 2026 reform generally reduces it to 14% for tax year 2026-27 onward. A qualifying IFSC unit may have a special 9% rate.

Does MAT apply to a company opting for Section 115BAA or 115BAB?

The 1961 Act excluded companies validly exercising these concessional regime options. Corresponding 2025 Act provisions and transitional rules should be checked for the relevant year.

Can a company carry forward MAT credit indefinitely?

No. Historical credits were subject to statutory carry-forward periods and set-off conditions. The Finance Act, 2026 changed the rules for new MAT credit and the use of accumulated credit.

Official law and further reading

This article provides general legal information. For a particular company, use the statute and amendments applicable to the relevant tax year, and seek professional advice on tax computations and credits.

Historical Section 115JB text and amendment notes from the original webpage

Archived source content is preserved for reference. It reflects an older statutory version and should not be treated as current law.

115JB Income Tax Act
-  Special provision for payment of tax by 
certain companies
Section 115JB of Income Tax Act 1961 -  Special provision for 
payment of tax by certain companies
1(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 10section 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 11 statement of profit and loss 
for such financial year or part of such financial year falling within the 
relevant previous year.
Explanation 12 1.For the purposes of this section, 
book profit means the 13 profit as shown in the 11 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 14 , 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 15 section 10 (other 
than the provisions contained in clause (38) thereof) or 16 *** section 11 or 
section 12 apply; or
17 (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
18 (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
19 (g) the amount of depreciation,
20 (h) the amount of deferred 
tax and the provision therefor,
21 (i) the amount or amounts set aside as 
provision for diminution in the value of any asset,
22 (j) the amount standing 
in revaluation reserve relating to revalued asset on the retirement or disposal 
of such asset,
23 (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 24 statement of profit and loss, as the case 
may be;
if any amount referred to in clauses (a) to (i) is debited to the 24 
statement of profit and loss or
if any amount referred to in clause (j) is not 
credited to the 24 statement of profit and loss, and as reduced by,-
25 (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 24 
statement of profit and loss), if any such amount is credited to the 24 
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 26 section 10 (other than the 
provisions contained in clause (38) thereof) or 27 *** section 11 or section 12 
apply, if any such amount is credited to the 24 statement of profit and loss; or
28 (iia) the amount of depreciation debited to the 24 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 24 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
29(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 24 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 30 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 30 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
31 (iig) the amount of income by way of 
royalty in respect of patent chargeable to tax under section 115BBF; or
32 (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;
33 (iii) the amount of loss brought forward or unabsorbed 
depreciation, whichever is less as per books of account 32 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
34 * * * * *
(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
35 (viii) the amount of 
deferred tax, if any such amount is credited to the 36 statement of profit and 
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.
36 (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.
37 (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:
38 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.
39 (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).
11. Subs. by Act 7 of 2017, s. 47, for profit and loss account (w.e.f. 
1-4-2017).
12. The Explanation numbered as Explanation 1 by Act 18 of 2008, s. 23 (w.e.f. 
1-4-2001).
13. Subs. by Act 7 of 2017, s. 47, for net profit (w.e.f. 1-4-2017).
14. Ins. by Act 20 of 2002, s. 52 (w.e.f. 1-4-2003).
15. 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).
16. 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).
17. Ins. by Act 20 of 2015, s. 30 (w.e.f. 1-4-2016).
18. Ins. by Act 28 of 2016, s. 55 (w.e.f. 1-4-2017).
19. Ins. by Act 21 of 2006, s. 24 (w.e.f. 1-4-2007).
20. 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).
21. 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) 22. 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).
23. Ins. by Act 20 of 2015, s. 30 (w.e.f. 1-4-2016).
24. Subs. by Act 7 of 2017, s. 47, for "profit or loss account" (w.e.f. 
1-4-2017).
25. Subs. by Act 20 of 2002, s. 52, for clause (i) and the proviso (w.e.f. 
1-4-2001).
26. 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).
27. 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).
28. Ins. by Act 21 of 2006, s. 24 (w.e.f. 1-4-2007).
29. Ins. by Act 20 of 2015, s. 30 (w.e.f. 1-4-2016).
30. Subs. by Act 7 of 2017, s. 47, for "profit and loss account" (w.e.f. 
1-4-2017).
31. Ins. by Act 28 of 2016, s. 55 (w.e.f. 1-4-2017).
32. Ins. by Act 13 of 2018, s. 37 (w.e.f. 1-4-2018).
33. Subs. by Act 20 of 2002, s. 52, for clause (iii) and the Explanation (w.e.f. 
1-4-2001).
34. Clause (iv), clause (v) and clause (vi) omitted by Act 8 of 2011, s. 18 (w.e.f. 
1-4-2005).
35. Ins. by Act 18 of 2008, s. 23 (w.e.f. 1-4-2001).
36. Ins. by Act 23 of 2012, s. 48 (w.e.f. 1-4-2001).
37. Ins. by Act 28 of 2005, s. 27 and the Second Schedule (w.e.f. 10-2-2006).
38. Ins. by Act 8 of 2011, s. 18 (w.e.f. 1-4-2012).
39. Ins. by Act 28 of 2016, s. 55 (w.e.f. 1-4-2017).