Finance Acts

Amendment of section 115ACA In section 115ACA of the Income-tax Act, in sub-section (1), in the longline, for clause (ii), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— “(ii) the amount of income-tax calculated on the income by way […]

Amendment of section 115AC In section 115AC of the Income-tax Act, in sub-section (1), in the long line, for clause (ii), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— “(ii) the amount of income-tax calculated on the income by

Amendment of section 115AB In section 115AB of the Income-tax Act, in sub-section (1), in the long-line, for clause (ii), the following clause shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— “(ii) the amount of income-tax calculated on the income by way

Amendment of section 113 In section 113 of the Income-tax Act, with effect from the 1st day of September, 2024,— (a)   the word “undisclosed” shall be omitted; (b)   in the proviso, the words, figures and letters beginning with “and applicable” and ending with “under section 132A” shall be omitted.

Amendment of section 112A In section 112A of the Income-tax Act, in sub-section (2), for clause (i), the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely:— “(i)   the amount of income-tax calculated on such long-term capital gains exceeding one lakh

Amendment of section 112 In section 112 of the Income-tax Act, in sub-section (1), for the clauses (a), (b), (c), (d) and 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:— “(a)   in the case of an

Amendment of section 111A 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,

Amendment of section 94B In section 94B of the Income-tax Act, with effect from the 1st day of April, 2025,— (a)   in sub-section (3), after the words “banking or insurance”, the words “or a Finance Company located in any International Financial Services Centre,” shall be inserted; (b)   in sub-section (5), after clause (iii),

Amendment of section 92CA  In section 92CA of the Income-tax Act, with effect from the 1st day of April, 2025,— (a)   in sub-section (2A),— (i)   for the words and bracket “any other international transaction [other than an international transaction]”, the words and bracket “any other international transaction or specified domestic transaction [other than

Amendment of section 80CCD In section 80CCD of the Income-tax Act, in sub-section (2), the following proviso shall be inserted with effect from the 1st day of April, 2025, namely:— ‘Provided that where the total income of the assessee is chargeable to tax under sub-section (1A) of section 115BAC, the provisions of sub-section (2) shall have