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Tax rate increase for specified capital gains alters statutory withholding rate under amended provision effective next fiscal year. An amendment substitutes the rate in Section 111A(1)(i) of the Income-tax Act by replacing the previously prescribed rate with a higher specified rate, effected by the Finance Bill and commencing from the stated start of the next fiscal year.
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<h1>Tax rate increase for specified capital gains alters statutory withholding rate under amended provision effective next fiscal year.</h1> An amendment substitutes the rate in Section 111A(1)(i) of the Income-tax Act by replacing the previously prescribed rate with a higher specified rate, effected by the Finance Bill and commencing from the stated start of the next fiscal year.
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