Section 115JC of Income Tax Act "Special provisions for payment of tax by certain persons other than a company"
115JC. (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 VI-A under the heading
"C.-Deductions in respect of certain incomes";
(ii) deduction claimed, if any, under section 10AA; and
(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, 89[before the specified date referred to in section
44AB, in such form as may be prescribed, from an accountant
referred to in the Explanation below sub-section (2) of
section 288, 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
by that date.]
(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 one-half per cent", the words "nine
per cent" had been substituted.
Following sub-section (5) shall be inserted after
sub-section (4) of section 115JC by the Finance Act, 2020,
w.e.f. 1-4-2021 :
(5) The provisions of this section shall not apply to a
person who has exercised the option referred to in section
115BAC or section 115BAD.