Web5 Apr 2024 · Section 112A defines the tax applicable on capital gains that are a result of the transfer of long-term capital assets. This includes units in a business trust, units in a … Web9 Feb 2024 · Surcharge on Income Tax: Surcharge on income tax is applicable as under: In case where the total income includes STCG under section 111A or LTCG under section 112A, the rate of surcharge on the amount of income-tax computed in respect of such STCG or LTCG shall not exceed fifteen per cent.

Section 112A of the Income Tax Act - bajajfinservmarkets.in

Web14 Nov 2024 · Conclusion. Schedule 112A of the Income Tax Act provides for long-term capital gains arising from the transfer of listed equity shares or units of equity-oriented mutual funds, which must be mandatorily reported in the income-tax return. The schedule provides for a lower tax rate of 10% on such long-term capital gains without allowing the ... WebA new tax regime has been established by the insertion of section 115 BAC in the Income Tax Act, 1961 vide the Finance Act, 2024. ... 25% or 37%, as the case may be, from income chargeable to tax under section 111A, 112A and 115AD. Hence, the maximum rate of surcharge on tax payable on such incomes shall be 15%. However, where other income of … card shop direct

What is the difference between section 112 and 112A of the Income Tax …

Web29 Nov 2024 · According to Section 112A, the income tax on long-term capital gains exceeding INR 100,000 is at the rate of 10%, without the benefit of indexation ( the adjustment in the purchase price... The tax under Section 112A is only on long-term capital gains. The period of holding should be more than one year to qualify for taxation under section 112A. The tax rate is 10% above a threshold exemption of Rs 1 lakh. This means the long-term capital gains covered under section 112A are not taxable up to Rs 1 lakh … See more Section 112A was inserted by the Finance Act 2024 to tax long-term capital gains from the sale of listed equity shares, units of equity-oriented mutual funds and … See more The conditions to tax capital gains under section 112A are: 1. The sale should be of listed equity shares, units of a mutual fund and units of a business trust. 2. … See more The loss if any upon the sale of long-term listed equity shares or units mentioned above, is a long-term capital loss. You can set off the loss against long-term capital … See more The Finance Act, 2024 introduced the grandfathering provisions to exempt long-term capital gains earned until 31 January 2024. In the case of specified securities … See more Web6 Aug 2024 · On July 11, 2024, the income tax department inserted a schedule 'Section 112A' in ITR-2 to capture transaction-wise details of all sale transactions of listed equity shares or equity oriented mutual funds where the gains are long term in nature. The schedule requires the taxpayers to provide the following information: 1.ISIN Code card shop distributors