November 8, 2024

Amendment of section 132B In section 132B of the Income-tax Act, in sub-section (1), in clause (i), for the words and figures “and the Interest-tax Act, 1974”, the words, brackets and figures “the Interest-tax Act, 1974 (45 of 1974) and the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015 (22 of 2015)” shall be substituted with effect from the 1st day of October, 2024.

Amendment of section 115QA In section 115QA of the Income-tax Act, in sub-section (1), after the proviso and before the Explanation, the following proviso shall be inserted with effect from the 1st day of October, 2024, namely:— “Provided further that the provisions of this sub-section shall not apply in respect of any buy-back of shares, that takes place on or after the 1st day of October, 2024.”.

Amendment of section 115E In section 115E of the Income-tax Act, 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 of long-term capital gains referred to in clause (b), if any, included in the total income,— (A)   at the rate of ten per cent for any transfer which takes place before the 23rd day of July, 2024; and (B)   at the rate of twelve and one-half per cent for any transfer which takes place on or after the 23rd day of July, 2024; and”

Amendment of section 115BAC  In section 115BAC of the Income-tax Act, for sub-section (1A), the following sub-section shall be substituted with effect from the 1st day of April, 2025, namely:— “(1A) Notwithstanding anything contained in this Act but subject to the provisions of this Chapter, the income-tax payable in respect of the total income of a person, being an individual or Hindu undivided family or association of persons (other than a co-operative society), or body of individuals, whether incorporated or not, or an artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2, other than a person who has exercised an option under sub-section (6),— (i)   for any previous year relevant to the assessment year beginning on the 1st day of April, 2024, shall be computed at the rate of tax given in the following Table, namely:— TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 3,00,000 Nil 2. From Rs. 3,00,001 to Rs. 6,00,000 5 per cent 3. From Rs. 6,00,001 to Rs. 9,00,000 10 per cent 4. From Rs. 9,00,001 to Rs. 12,00,000 15 per cent 5. From Rs. 12,00,001 to Rs. 15,00,000 20 per cent 6. Above Rs. 15,00,000 30 per cent; (ii)   for any previous year relevant to the assessment year beginning on or after the 1st day of April, 2025, shall be computed at the rate of tax given in the following Table, namely:— TABLE Sl. No. Total income Rate of tax (1) (2) (3) 1. Upto Rs. 3,00,000 Nil 2. From Rs. 3,00,001 to Rs. 7,00,000 5 per cent 3. From Rs. 7,00,001 to Rs. 10,00,000 10 per cent 4. From Rs. 10,00,001 to Rs. 12,00,000 15 per cent 5. From Rs. 12,00,001 to Rs. 15,00,000 20 per cent 6. Above Rs. 15,00,000 30 per cent”.

Amendment of section 115AD In section 115AD of the Income-tax Act, in sub-section (1), with effect from the 23rd day of July, 2024,— (a)   in the longline, in clause (ii), for the proviso, the following proviso shall be substituted and shall be deemed to have been substituted, namely:—     “Provided that the amount of income-tax calculated on the income by way of short-term capital gains referred to in section 111A shall be at the rate of— (A)   fifteen per cent for any transfer which takes place before the 23rd day of July, 2024; and (B)   twenty per cent for any transfer which takes place on or after the 23rd day of July, 2024;”; (b)   in clause (iii), for the proviso, the following provisos shall be substituted and shall be deemed to have been substituted, namely:—     “Provided that in case of income arising from the transfer of a long-term capital asset referred to in section 112A which exceeds one lakh and twenty-five thousand rupees, income-tax shall be calculated at the rate of— (A)   ten per cent where transfer of such asset takes place before the 23rd day of July, 2024; and (B)   twelve and one-half per cent where transfer of such asset takes place on or after the 23rd day of July, 2024:     Provided further that the limit of one lakh twenty-five thousand rupees mentioned in the first proviso shall apply on aggregate of the long-term capital gains referred to in clauses (A) and (B); and”.

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 of long-term capital gains referred to in clause (b), if any, included in the total income,— (A)   at the rate of ten per cent for any transfer which takes place before the 23rd day of July, 2024; and (B)   at the rate of twelve and one-half per cent for any transfer which takes place on or after the 23rd day of July, 2024; and”.

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 way of long-term capital gains referred to in clause (c), if any, included in the total income,— (A)   at the rate of ten per cent for any transfer which takes place before the 23rd day of July, 2024; and (B)   at the rate of twelve and one-half per cent for any transfer which takes place on or after the 23rd day of July, 2024; and”.

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 of long-term capital gains referred to in clause (b), if any, included in the total income,— (A)   at the rate of ten per cent for any transfer which takes place before the 23rd day of July, 2024; and (B)   at the rate of twelve and one-half per cent for any transfer which takes place on or after the 23rd day of July, 2024; and”.

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 twenty-five thousand rupees— (a)   on long-term capital gains at the rate of ten per cent. for any transfer which takes place before the 23rd day of July, 2024; and (b)   on long-term capital gains, at the rate of twelve and one-half per cent. for any transfer which takes place on or after the 23rd day of July, 2024:     Provided that the limit of one lakh twenty-five thousand rupees shall apply on aggregate of the long-term capital gains under sub-clauses (a) and (b);”.