- In section 115JF of the Income-tax Act, with effect from the 1st day of April, 2019,-(i)for clause (b), the following clause shall be substituted, namely: -`(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.;';(ii)after clause (b), the following clauses shall be inserted, namely: -`(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;';(iii)after clause (d), the following clause shall be inserted, namely: -`(e) "unit" means a unit established in an International Financial Services Centre.'.
