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of <h1>New Tax Rules for Companies: Section 115 Revamped to Address Long-Term Capital Gains on Buildings and Lands Effective April 1972.</h1> Section 115 of the Income-tax Act has been replaced effective April 1, 1972, by a provision addressing tax on capital gains for companies. It specifies that when a company's total income includes long-term capital gains from capital assets, excluding short-term assets, the income tax is calculated as follows: 45% on gains related to buildings, lands, or rights therein, and 35% on the remaining long-term capital gains. Additionally, tax is assessed as if the total income were reduced by these long-term capital gains.
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