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of <h1>Tax Rate Change: Section 196B Amended to Increase Long-Term Capital Gains Tax to 12.5% from July 23, 2024.</h1> Section 196B of the Income-tax Act is amended to adjust the tax rate on certain incomes. Effective from July 23, 2024, the tax rate remains at ten percent for income from specific units and long-term capital gains from transfers occurring before this date. However, for long-term capital gains from transfers occurring on or after July 23, 2024, the rate increases to twelve and one-half percent. This amendment affects the taxation of units referred to in section 115AB.
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