# The Finance Act, 1994, Section 31: Amendment of section 112

- Act: The Finance Act, 1994 (Act 32 of 1994)
- Ministry: Ministry of Finance
- Source URL: https://indiacode.ecourtsindia.com/finance-act-1994/section/31/

## Text

Amendment of section 112. 31. In section 112 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 1995,— (i) in clause (a), after the words "Hindu undivided family,", the words "being a resident," shall be inserted; (ii) in clause (b),— (a) for the word "company", the words "domestic company" shall be substituted; (b) for the words "forty per cent.", wherever they occur, the words "thirty per cent." shall be substituted; (iii) after clause (b), the following clause shall be inserted, namely:- "(c) in the case of a non-resident (not being a company) or a foreign company,— (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been its total income; and (ii) the amount of income-tax calculated on such long-term capital gains at the rate of twenty per cent."; (iv) the existing clause (c) shall be re-lettered as clause (d), and in clause (d) as so re-lettered, after the words "in any other case", the words "of a resident" shall be inserted. [Finance Act, 1994] © Copyright. Taxmann Publications Pvt. Ltd.

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