Section 31 - Amendment of section 112 - Finance Act, 1994

31. Amendment of section 112. In section 112 of the Income-tax Act, in sub-section (1), with effect from the 1st day of April, 1995,- (i) in clause (a), after the words Hindu undivided family, , the words being a resident, shall be inserted; (ii) in clause (b),- (a) for the word company , the words domestic company shall be substituted; (b) for the words forty per cent. , wherever they occur, the words thirty per cent. shall be substituted; (iii) after clause (b), the following clause shall be inserted, namely: (c) in the case of a non-resident (not being a company) or a foreign company,- (i) the amount of income-tax payable on the total income as reduced by the amount of such long-term capital gains, had the total income as so reduced been its total income; and (ii) the amount of income-tax calculated on such long-term capital gains at the rate of twenty per cent. ; (iv) the existing clause (c) shall be relettered as clause (d), and in clause (d) as so relettered, after the words in any other case , the words of a resident shall be inserted.