Amendment of section 112
Section 57 of the Finance Act, 1999 deals with amendment of section 112. Amendment of section 112. 57. In section 112 of the Income-tax Act, in sub-section (1), the following shall be inserted at the end with effect from the 1st day of April, 2000, namely :— ‘Provided that where the tax payable in respect of any income arising from the transfer of a long-term capital ass
Amendment of section 112.
57. In section 112 of the Income-tax Act, in sub-section (1), the following shall be inserted at the end with effect from the 1st day of April, 2000, namely :—
‘Provided that where the tax payable in respect of any income arising from the transfer of a long-term capital asset, being listed securities, exceeds ten per cent of the amount of capital gains before giving effect to the provisions of the second proviso to section 48, then, such excess shall be ignored for the purpose of computing the tax payable by the assessee.
Explanation.—For the purposes of this sub-section, "listed securities" means the securities—
(a ) as defined in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956 (32 of 1956); and
(b ) listed in any recognised stock exchange in India.’.
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Section 57, The Finance Act, 1999.
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
This section refers to
Questions about Section 57
What does Section 57 of the Finance Act deal with?
Section 57 of the Finance Act is headed "Amendment of section 112". Amendment of section 112. 57. In section 112 of the Income-tax Act, in sub-section (1), the following shall be inserted at the end with effect from the 1st day of April, 2000, namely :— ‘Provided that where the tax payable in respect of any income arising from the transfer of a long-term capital ass
How do I find court cases under Section 57 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 1999 57, section 57 Finance Act 1999, section 57 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 57 of the Finance Act, and has it changed?
Its own text turns on section 48 (Amendment of section 80HHE), Income-tax Act 112 (Tax on long-term capital gains), so none of them can safely be read on its own.
When was the Finance Act enacted?
Finance Act was enacted in 1999. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- 50. Substitution of new section for section 80-IA5311 words
- First Schedule. First Schedule5092 words
- 2. Income-tax1942 words
- 6. Amendment of section 101681 words
- 3. Amendment of section 21112 words
- 38. Substitution of new section for section 72A903 words
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