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18. Amendment of section 111A. |
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—In section 111A of the Income-tax Act, in sub-section (1), in clause (i), for the words "ten per cent.", the words "fifteen per cent." shall be substituted with effect from the 1st day of April, 2009.
Clauses 18 and 19 seek to amend sections 111A and 115AD of the Income-tax relating to tax on short-term capital gains in certain cases.
Under the existing provisions of section 111A and 115AD, a special rate of tax of ten per cent. is provided on short-term capital gain arising from the transfer of a short-term capital asset, being an equity share in a company or a unit of an equity oriented fund, where such transaction is chargeable to securities transaction tax.
It is proposed to increase the rate of tax on such short-term capital gain to fifteen per cent.
These amendments will take effect from 1st April, 2009 and will accordingly apply in relation to assessment year 2009-10 and subsequent assessment years.
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