{"act":{"id":"finance-act-2024-no-2","short_title":"The Finance Act, 2024 (No. 2)","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2024-2025.","act_number":null,"act_year":2024,"enact_date":"2024-08-16","enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":174,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/"},"unit":"section","section":{"number":"29","heading":"Amendment of section 111A","text":"Amendment of section 111A. 29. In section 111A of the Income-tax Act, in sub-section (1), with effect from 23rd day of July, 2024,— (a) | for the long line occurring before the first proviso, the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— \"the tax payable by the assessee on the total income shall be the aggregate of— (i) | the amount of income-tax calculated on such short-term capital gains— (a) | at the rate of fifteen per cent for any transfer which takes place before the 23rd day of July, 2024; and (b) | at the rate of twenty per cent for any transfer which takes place on or after the 23rd day of July, 2024; (ii) | the amount of income-tax payable on the balance amount of the total income as if such balance amount were the total income of the assessee:\"; (b) | in the first proviso, for the words \"rate of fifteen per cent\", the words, brackets and figure \"rate as applicable in clause (i)\" shall be substituted and shall be deemed to have been substituted.","html":"<p><b>Amendment of section 111A.</b></p><p><b>29.</b> In section 111A of the Income-tax Act, in sub-section (1), with effect from 23rd day of July, 2024,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>for the long line occurring before the first proviso, the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:—</td></tr><tr><td></td><td></td><td>\"the tax payable by the assessee on the total income shall be the aggregate of—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>the amount of income-tax calculated on such short-term capital gains—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>at the rate of fifteen per cent for any transfer which takes place before the 23rd day of July, 2024; and</td></tr><tr><td>(<i>b</i>)</td><td></td><td>at the rate of twenty per cent for any transfer which takes place on or after the 23rd day of July, 2024;</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>ii</i>)</td><td></td><td>the amount of income-tax payable on the balance amount of the total income as if such balance amount were the total income of the assessee:\";</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>b</i>)</td><td></td><td>in the first proviso, for the words \"rate of fifteen per cent\", the words, brackets and figure \"rate as applicable in clause (<i>i</i>)\" shall be substituted and shall be deemed to have been substituted.</td></tr></table></div>","words":194,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/29/","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."}