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of <h1>Tax Rate Change: Long-term Gains on Bonds, GDRs Now 12.5% After July 23, 2024, per Section 196C Amendment.</h1> Section 196C of the Income-tax Act has been amended by the Finance (No. 2) Act, 2024. The amendment changes the tax rate for certain incomes. The rate remains at ten percent for income from interest or dividends on bonds or Global Depository Receipts under section 115AC and for long-term capital gains from their transfer before July 23, 2024. However, for long-term capital gains from transfers on or after July 23, 2024, the rate increases to twelve and one-half percent. These changes are effective from July 23, 2024.
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