Income-tax Act,1961
Act No : 43
Section :
Tax on capital gains in cases of assessee other than companies.
3[114. Tax on capital gains in cases of assessees other than companies.-Omitted by the Finance (No. 2) Act, 1967, w.e.f. 1-4-1968 and reintroduced with modifications in section 80T.] ----------------------------------------------------------------------- 1 Prior to the omission, section 112A, as amended by the Finance Act, 1966, w.e.f. 1-4-1966; Finance (No. 2) Act, 1967, w.e.f. 1-4- 1968; Taxation Laws (Amendment) Act, 1970, w.r.e.f. 1-4-1968/1-4-1969 and Finance Act, 1973, w.r.e.f. 1-4-1972, read as under: "112A. Tax on interest on National Savings Certificates (First Issue).-Where the total income of an assessee, not being a company, includes any interest on National Savings Certificates (First Issue), the tax payable by him on his total income shall be- (a) the amount of income-tax payable on the total income as reduced by the amount of such inclusion, had the total income so reduced been his total income; plus (b) the amount of income-tax calculated on the amount of such interest included in the total income at the average rate of income-tax which would have been applicable to the total income if the amount of such interest and the amount of compensation or other payment, ]referred to in sub-clause (a) or sub-clause (b) or sub-clause (c) of clause (ii) of Section 28 and of the capital gains, if any, had not formed part of it. [(C) * * *] [Explanation 1.- * * * ] Explanation 2.-For the purposes of this section and section 193, 'National Savings Certificates (First Issue)' includes 'National Savings Certificate (First Issue)-Bank Series." 2 Being inserted by the Finance Act, 1995, w.e.f. 1-4-1996. Earlier, section 113 dealt with tax in the case of a non-resident and was omitted by the Finance Act, 1965, w.e.f. 1-4-1965. 3 Prior to the omission, section 114 was substituted by the Finance (No. 2) Act, 1962, w.e.f. 1-4-1962 and amended by the Finance Act, 1964, w.e.f. 1-4-1964; Finance Act, 1965, w.e.f. 1-4-1965; Finance (No. 2) Act, 1965, w.e.f. 11-9-1965 and the Finance Act, 1966, w.e.f. 1-4-1966. ----------------------------------------------------------------------- 1.463
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