{"act":{"id":"finance-act-1999","short_title":"The Finance Act, 1999","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 1999-2000.","act_number":null,"act_year":1999,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":102,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-1999/"},"unit":"section","section":{"number":"57","heading":"Amendment of section 112","text":"Amendment of section 112. 57. In section 112 of the Income-tax Act, in sub-section (1), the following shall be inserted at the end with effect from the 1st day of April, 2000, namely :— ‘Provided that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being listed securities, exceeds ten per cent of the amount of capital gains before giving effect to the provisions of the second provi­so to section 48, then, such excess shall be ignored for the purpose of computing the tax payable by the assessee. Explanation.—For the purposes of this sub-section, \"listed securities\" means the securities— (a ) as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956); and (b ) listed in any recognised stock exchange in India.’. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 112.</b></p><p><b>57.</b> In section 112 of the Income-tax Act, in sub-section (<i>1</i>), the following shall be inserted at the end with effect from the 1st day of April, 2000, namely :—</p><p><b>‘Provided</b> that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being listed securities, exceeds ten per cent of the amount of capital gains before giving effect to the provisions of the second provi­so to section 48, then, such excess shall be ignored for the purpose of computing the tax payable by the assessee.</p><p><i>Explanation</i>.—For the purposes of this sub-section, \"listed securities\" means the securities—</p><p>(<i>a</i> ) as defined in clause (<i>h</i>) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956); and</p><p>(<i>b</i> ) listed in any recognised stock exchange in India.’.</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":145,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-1999/section/57/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}