Section 206(2)(b) in The Income Tax Act, 2025

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Union of India - Subsection

Section 206(2)(b) in The Income Tax Act, 2025

(b)For the purposes of this sub-section,—

(i)"adjusted total income" shall be the total income before giving effect to clause (a), as increased by deductions claimed, if any, under—

(I)any section (other than section 149) included in Chapter VIII-C;

(II)section 46 as reduced by depreciation allowable as per the provisions of section 33, as if no deduction was allowed in respect of the assets on which the deduction under that section is claimed.

(ii)"alternate minimum tax" means the amount of tax computed on adjusted total income,—

(I)in case of an assessee being a unit located in an International Financial Services Centre and deriving its income solely in convertible foreign exchange, at the rate of 9%;

(II)in case of an assessee being a co-operative society, at the rate of 15%;

(III)in any other case, at a rate of 18.5%;

(iii)"regular income-tax" means the income-tax payable for a previous year by a person on his total income in accordance with the provisions of this Act other than the provisions of this sub-section;

(iv)"Unit" means a unit established in an International Financial Services Centre.

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Union of India - Subsection

Section 206(2)(b) in The Income Tax Act, 2025