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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendment to Section 114: Super Tax References Removed, New Proviso for 12.5% Reduction on Bonus Shares Capital Gains Tax</h1> Section 114 of the Income Tax Act is amended by removing references to 'super tax' throughout the section. In clause (b), sub-clause (i) omits the phrase 'and the average rate of super tax respectively.' In sub-clause (ii), a new proviso is added stating that the income tax on capital gains from bonus shares will be reduced by 12.5% of their face value or the calculated tax amount, whichever is less. Additionally, phrases related to fractions of the average rate of super tax are omitted.
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