Clause 63 - Amendment of section 196B. - Finance (No. 2) Bill, 2024

Amendment of section 196B. 63. In section 196B the Income-tax Act, for the words at the rate of ten per cent. , the following shall be substituted and shall be deemed to have been substituted with effect from the 23rd day of July, 2024, namely: at the rate of (a) ten per cent.in respect of income from units referred to in clause (i) of sub-section (1) of section 115AB; (b) ten per cent.in respect of long-term capital gains arising from transfer of units referred to in section 115AB, which takes place before the 23rd day of July, 2024; (c) twelve and one-half per cent. in respect of long-term capital gains arising from transfer of units referred to in section 115AB, which takes place on or after the 23rd day of July, 2024. .