Amendment of section 111A

Section 29 of the Finance Act, 2024 (No. 2) deals with amendment of section 111A. Amendment of section 111A. 29. In section 111A of the Income-tax Act, in sub-section (1), with effect from 23rd day of July, 2024,— (a) | for the long line occurring before the first proviso, the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd da The Act was enacted on 16 Aug 2024.

Amendment of section 111A.

29. In section 111A of the Income-tax Act, in sub-section (1), with effect from 23rd day of July, 2024,—

(a)		for the long line occurring before the first proviso, the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:—
		"the tax payable by the assessee on the total income shall be the aggregate of—

(i)

the amount of income-tax calculated on such short-term capital gains—

(a)		at the rate of fifteen per cent for any transfer which takes place before the 23rd day of July, 2024; and
(b)		at the rate of twenty per cent for any transfer which takes place on or after the 23rd day of July, 2024;

(ii)

the amount of income-tax payable on the balance amount of the total income as if such balance amount were the total income of the assessee:";

(b)

in the first proviso, for the words "rate of fifteen per cent", the words, brackets and figure "rate as applicable in clause (i)" shall be substituted and shall be deemed to have been substituted.

Section 29, The Finance Act, 2024 (No. 2).