Amendment of section 111A.
48. In section 111A of the Income-tax Act, sub-section (3) shall be omitted.
Notes on Clauses:
Clause 48 of the Bill seeks to amend section 111A of the Income-tax Act relating to tax on short-term capital gains in certain cases.
It is proposed to omit sub-section (3) of the said section which is consequential due to the omission of section 88.
This amendment will take effect from 1st April, 2023.
