Amendment of section 115AD.

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....substituted, namely:-- "Provided that the amount of income-tax calculated on the income by way of short-term capital gains referred to in section 111A shall be at the rate of-- (A) fifteen per cent. for any transfer which takes place before the 23rd day of July, 2024; and (B) twenty per cent. for any transfer which takes place on or after the 23rd day of July, 2024;" ....

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....; and". - Clause 36 of the Bill seeks to amend section 115AD of the Income-tax Act relating to tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer. The said section, inter alia, provides that where the total income of a specified fund or Foreign Institutional Investor includes income by way of short-term or long-term capital ga....

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....e of ten per cent shall be calculated on such income exceeding one lakh rupees. It is proposed to substitute proviso to clause of longline of said sub-section so as to provide that the amount of income-tax calculated on the income by way of short-term capital gains referred to in section 111A shall be at the rate of-- (a) fifteen per cent. for any transfer which takes place before the ....