{"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":"38","heading":"Amendment of section 115E","text":"Amendment of section 115E. 38. In section 115E of the Income-tax Act, in the long line, for clause (ii), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— \"(ii) the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (b), if any, included in the total income,— (A) | at the rate of ten per cent for any transfer which takes place before the 23rd day of July, 2024; and (B) | at the rate of twelve and one-half per cent for any transfer which takes place on or after the 23rd day of July, 2024; and\".","html":"<p><b>Amendment of section 115E.</b></p><p><b>38.</b> In section 115E of the Income-tax Act, in the long line, for clause (<i>ii</i>), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:—</p><p>\"(<i>ii</i>) the amount of income-tax calculated on the income by way of long-term capital gains referred to in clause (<i>b</i>), if any, included in the total income,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(A)</td><td></td><td>at the rate of ten per cent for any transfer which takes place before the 23rd day of July, 2024; and</td></tr><tr><td>(B)</td><td></td><td>at the rate of twelve and one-half per cent for any transfer which takes place on or after the 23rd day of July, 2024; and\".</td></tr></table></div>","words":120,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/38/","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."}