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of <h1>Amendment to Section 112: Tax on long-term capital gains from listed securities capped at 10% before Section 48 proviso.</h1> Section 112 of the Income-tax Act is amended to include a provision effective from April 1, 2000. This amendment states that if the tax on income from the transfer of long-term capital assets, specifically listed securities, exceeds 10% of the capital gains amount before applying the second proviso to section 48, the excess is disregarded when calculating the tax payable. 'Listed securities' are defined as those outlined in section 2(h) of the Securities Contracts (Regulation) Act, 1956, and listed on a recognized stock exchange in India.
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