Interpretation in this Chapter.In this Chapter—

1. (a) “accountant” shall have the same meaning as in the Explanation below sub-section (2) of section 288; 6[(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.;] 7[(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;
2. (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;] 8* 8. Clause (c) omitted by Act 23 of 2012, s. 54 (w.e.f. 1-4-2013).
3. (d) “regular income-tax” means the income-tax payable for a previous year by 1[a person on his total income] in accordance with the provisions of this Act other than the provisions of this Chapter.] 2[(e) “unit” means a unit established in an International Financial Services Centre.] 3[CHAPTER XIIBB SPECIAL PROVISIONS RELATING TO CONVERSION OF INDIAN BRANCH OF A FOREIGN BANK INTO A SUBSIDIARY COMPANY

¹ Subs. by Act 7 of 2017, s. 48, for “tenth assessment year” (w.e.f. 1-4-2018).

² Subs. by Act 23 of 2012, s. 52, for “a limited liability partnership” (w.e.f. 1-4-2013).

³ Ins. by s. 53, ibid. (w.e.f. 1-4-2013).

⁴ Subs. by Act 25 of 2014, s. 40, for clause (b) (w.e.f. 1-4-2015).

⁵ Ins. by s. 40, ibid. (w.e.f. 1-4-2015).

⁶ Subs. by Act 13 of 2018, s. 39, for clause (b) (w.e.f.1-4-2019).

⁷ Ins. by s. 39, ibid. (w.e.f. 1-4-2019).