As per section 115JB inserted vide Finance Act, 2016, where the assessee is a unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, the rate of MAT shal

CS Executive · Tax Laws · PYQS · June 2022
As per section 115JB inserted vide Finance Act, 2016, where the assessee is a unit located in an International Financial Services Centre and derives its income solely in convertible foreign exchange, the rate of MAT shall be __________ instead of __________.
(A) 9%, 18.5% of Taxable Profits
(B) 9%, 18.5% of Book Profits
(C) 18.5%, 9% of Taxable Profits
(D) 18.5%, 9% of Book Profits

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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