Amendment of section 112

Section 31 of the Finance Act, 1994 deals with amendment of section 112. 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; The Act was enacted on 13 May 1994.

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]

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Section 31, The Finance Act, 1994 (Act 32 of 1994).