{"act":{"id":"finance-act-2014","short_title":"The Finance Act, 2014","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2014-2015.","act_number":"25","act_year":2014,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":129,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2014/"},"unit":"section","section":{"number":"35","heading":"Amendment of section 112","text":"Amendment of section 112. 35. In section 112 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2015,— (a) | in the proviso, occurring after clause (d), for the words \"being listed securities or unit\", the words and brackets \"being listed securities (other than a unit)\" shall be substituted; (b) | after the proviso occurring after clause (d), the following proviso shall be inserted, namely:— \"Provided further that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being a unit of a Mutual Fund specified under clause (23D) of section 10, during the period beginning on the 1st day of April, 2014 and ending on the 10th day of July, 2014, 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.\"; (c) | in the Explanation, clause (b) shall be omitted. © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of section 112.</b></p><p><b>35.</b> In section 112 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2015,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>in the proviso, occurring after clause (<i>d</i>), for the words \"being listed securities or unit\", the words and brackets \"being listed securities (other than a unit)\" shall be substituted;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>after the proviso occurring after clause (<i>d</i>), the following proviso shall be inserted, namely:—</td></tr><tr><td></td><td></td><td>\"<b>Provided further</b> that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being a unit of a Mutual Fund specified under clause (<i>23D</i>) of section 10, during the period beginning on the 1st day of April, 2014 and ending on the 10th day of July, 2014, 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.\";</td></tr><tr><td>(<i>c</i>)</td><td></td><td>in the <i>Explanation, </i>clause (<i>b</i>) shall be omitted.</td></tr></table></div><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":182,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2014/section/35/","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."}