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of <h1>Tax Rate on Short-Term Capital Gains Under Section 111A Increased to 20% for Transfers After July 23, 2024.</h1> Section 111A of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024, effective from July 23, 2024. The amendment modifies the tax rates on short-term capital gains. For transfers occurring before July 23, 2024, the tax rate remains at 15%. For transfers on or after this date, the rate increases to 20%. Additionally, the tax payable on the remaining total income will be calculated as if it were the assessee's total income. The first proviso is updated to reflect the applicable rates mentioned in clause (i).
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