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MAT for IFSC units (income solely in convertible FX):
A15%
B9% of book profit
C18.5%
DNil
Answer & Solution
Correct answer: B. 9% of book profit
1. Section 115JB(7): concessional MAT of 9% for IFSC units.
2. Unit must derive income solely in convertible foreign exchange.
3. Plus surcharge and cess as applicable.
_Source: ICAI BoS CA Final Paper 7, Ch 9 "Assessment of Various Entities"_
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