{"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":"63","heading":"Amendment of section 196B","text":"Amendment of section 196B. 63. In section 196B of the Income-tax Act, for the words \"at the rate of ten per cent\", the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— \"at the rate of— (a) | ten per cent in respect of income from units referred to in clause (i) of sub-section (1) of section 115AB; (b) | ten per cent in respect of long-term capital gains arising from transfer of units referred to in section 115AB, which takes place before the 23rd day of July, 2024; (c) | twelve and one-half per cent in respect of long-term capital gains arising from transfer of units referred to in section 115AB, which takes place on or after the 23rd day of July, 2024.\".","html":"<p><b>Amendment of section 196B.</b></p><p><b>63.</b> In section 196B of the Income-tax Act, for the words \"at the rate of ten per cent\", the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:—</p><p>\"at the rate of—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>a</i>)</td><td></td><td>ten per cent in respect of income from units referred to in clause (<i>i</i>) of sub-section (1) of section 115AB;</td></tr><tr><td>(<i>b</i>)</td><td></td><td>ten per cent in respect of long-term capital gains arising from transfer of units referred to in section 115AB, which takes place before the 23rd day of July, 2024;</td></tr><tr><td>(<i>c</i>)</td><td></td><td>twelve and one-half per cent in respect of long-term capital gains arising from transfer of units referred to in section 115AB, which takes place on or after the 23rd day of July, 2024.\".</td></tr></table></div>","words":137,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2024-no-2/section/63/","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."}