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of <h1>Section 48 of Income-tax Act amended: 'subscribed' to 'held' and date changed to April 1, 2001, for capital gains.</h1> Section 48 of the Income-tax Act is amended effective April 1, 2018. In the fifth proviso, the term 'subscribed' is replaced with 'held.' Additionally, in the Explanation, clause (iii), the reference date is changed from '1st day of April, 1981' to '1st day of April, 2001.' These changes pertain to the provisions governing the calculation of capital gains for direct taxes under the Finance Act, 2017.
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