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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Amendments to Income-tax Act: New Rates for Long-term Capital Gains on Companies and Individuals Effective April 1975.</h1> The Finance (No. 2) Act, 1974 introduces amendments to the Income-tax Act, specifically targeting long-term capital gains taxation. For taxpayers other than companies, deductions for long-term capital gains on buildings or lands are reduced to Rs. 5,000 plus 25% of gains exceeding Rs. 5,000, and for other assets, Rs. 5,000 plus 40%. For companies, the tax rate on gains from buildings or lands increases to 55%, with a reduced rate of 47% for widely-held companies with limited taxable income. Other assets for companies will be taxed at 45%. These changes take effect from April 1, 1975, impacting the 1975-76 assessment year onwards.
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