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of <h1>Income-Tax Act Section 115 Amended: New 12.5% Tax on Capital Gains, Revised Super-Tax Rates for Non-Short-Term Assets</h1> Section 115 of the Income-tax Act has been amended to revise the calculation of income-tax and super-tax on capital gains. Clause (a) now specifies that income-tax is calculated at 12.5% on capital gains chargeable under section 45(2), combined with the tax on total income minus these gains. Clause (b) outlines the super-tax calculation on capital gains from non-short-term assets, with a 15% rate on gains from buildings or land rights and 5% on other gains, excluding those in clause (a). The super-tax also considers the total income reduced by such capital gains.
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