Short-term capital gains tax: higher flat rate for residual gains when basic exemption absorbs other income, applied retrospectively. Amendment raises the rate in the proviso to section 111A(1) so that where a resident individual or HUF's total income net of specified short-term capital gains falls below the basic exemption limit, the balance of those short-term capital gains-after reducing by the shortfall-will be taxed at fifteen per cent. This change is retrospective to the start of the relevant fiscal period and applies to the corresponding assessment year and thereafter.