Section 34 of Finance Act 2018
[Section 34 of Finance Act 2018 deals with Amendment of section 115AD. and is covered in CHAPTER III DIRECT TAXES]
Amendment of section 115AD.
34. In section 115AD of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 2019,—
|(a)||in clause (iii), the word “and” occurring at the end shall be omitted;|
|(b)||after clause (iii), the following proviso shall be inserted, namely:—|
|“Provided that in case of income arising from the transfer of a long-term capital asset referred to in section 112A, income-tax at the rate of ten per cent shall be calculated on such income exceeding one lakh rupees; and”.|