India - Income Tax Act 2010 - Saarc

1.543 CH. XII - DETERMINATION OF TAX IN CERTAIN SPECIAL CASES S. 112the head “Capital gains”, the tax payable by the assessee on the total income shallbe the aggregate of,—(a) in the case of an individual or a Hindu undivided family, 63 [being aresident,]—(i) the amount of income-tax payable on the total income as reducedby the amount of such long-term capital gains, had the totalincome as so reduced been his total income ; and(ii) the amount of income-tax calculated on such long-term capitalgains at the rate of twenty per cent :Provided that where the total income as reduced by such long-termcapital gains is below the maximum amount which is not chargeableto income-tax, then, such long-term capital gains shall be reduced bythe amount by which the total income as so reduced falls short of themaximum amount which is not chargeable to income-tax and the taxon the balance of such long-term capital gains shall be computed atthe rate of twenty per cent ;(b) in the case of a 63 [domestic] company,—(i) the amount of income-tax payable on the total income as reducedby the amount of such long-term capital gains, had the totalincome as so reduced been its total income ; and(ii) the amount of income-tax calculated on such long-term capitalgains at the rate of 64 [twenty] per cent :65[***]66[(c) in the case of a non-resident (not being a company) or a foreigncompany,—(i) the amount of income-tax payable on the total income as reducedby the amount of such long-term capital gains, had the totalincome as so reduced been its total income ; and(ii) the amount of income-tax calculated on such long-term capitalgains at the rate of twenty per cent ;]67[(d)] in any other case 68 [of a resident],—63. Inserted by the Finance Act, 1994, w.e.f. 1-4-1995.64. Substituted for “thirty” by the Finance (No. 2) Act, 1996, w.e.f. 1-4-1997. Earlier “thirty” wassubstituted for “forty” by the Finance Act, 1994, w.e.f. 1-4-1995.65. Proviso omitted by the Finance Act, 1995, w.e.f. 1-4-1996. Prior to its omission, the proviso,as amended by the Finance Act, 1994, w.e.f. 1-4-1995, read as under :‘Provided that in relation to long-term capital gains arising to a venture capital companyfrom the transfer of equity shares of venture capital undertakings, the provisions of subclause(ii) shall have effect as if for the words “thirty per cent”, the words “twenty per cent”had been substituted ;’66. Inserted by the Finance Act, 1994, w.e.f. 1-4-1995.67. Relettered, ibid.68. Inserted, ibid.