10% Tax Rate on Long-Term Capital Gains from Equity Shares: Proviso to Section 112(1) Explained.

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....Benefit of proviso to section 112(1) on sale of the equity shares - tax is payable in respect of income arising from transfer of a long-term capital asset which is before giving effect to the provisions of second proviso to section 48. In such circumstances, the case gets covered under the proviso and consequently, it is the tax rate of 10% in the terms of the proviso to section 112(1) which should be correctly applied - AT....