Amendments at a glance, Amendments to Income-tax Act

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....f assessees other than companies 2-3A 115 Tax on capital gains in case of companies 3B Amendments to Income-tax Act Finance (No. 2) Act, 1974 Long-term capital gains 2. Under the existing provisions in section 80T and section 115, long-term capital gains, i.e., capital gains arising from the transfer of a capital asset which is held for more than 60 months from the date of acquisition, are c....

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....he total income will be Rs. 5,000 plus 25 per cent (as against 35 per cent under the existing law) of the amount by which the gains exceed Rs. 5,000. 2. Long-term capital gains relating to other capital assets - The deduction from the total income will be Rs. 5,000 plus 40 per cent (as against 50 per cent under the existing law) of the amount by which the gains exceed Rs. 5,000. Section 80T has ....