Section 34 of Finance Act 2018 : Amendment of section 115AD Income Tax Act

By | April 1, 2018
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(Last Updated On: April 15, 2018)

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”.

Finance Act 2018 : Assented by President : Download Print Notification

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