Section 34 - Amendment of section 115AD - Finance Act, 2018

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 .