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of <h1>Income-Tax Act Section 112 Amended: Resident Definition, Domestic Company Tax Rate Cut, New Non-Resident Clause at 20%</h1> Section 112 of the Income-tax Act is amended effective April 1, 1995. In sub-section (1), clause (a) now includes the term 'being a resident' after 'Hindu undivided family.' Clause (b) replaces 'company' with 'domestic company' and changes 'forty per cent.' to 'thirty per cent.' A new clause (c) is added for non-residents and foreign companies, detailing income-tax calculations on long-term capital gains at a 20% rate. The existing clause (c) is relettered as clause (d), adding 'of a resident' after 'in any other case.'
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