Section 2 - Amendment of Act 43 of 1961 - Finance (No. 2) Act, 1974

2. Amendment of Act 43 of 1961. In the Income-tax Act, 1961, with effect from the 1st day of April, 1975- (1) in section 80T, in clause (b), (a) in sub-clause (i), for the words thirty-five per cent. , the words twenty-five per cent. shall be substituted; (b) in sub-clause (ii) and in the proviso, for the words fifty per cent. , wherever they occur, the words forty per cent. shall be substituted; (2) in section 115, for clause (i), the following clause shall be substituted, namely:- (i) the amount of income-tax calculated on the amount of long-term capital gains included in the total income- (a) on so much of the amount of such long-term capital gains as relate to buildings or lands or any rights in buildings or lands- (1) where the company is a company in which the public are substantially interested and the total income of the company (as reduced by the amount of long-term capital gains included therein) does not exceed one hundred thousand rupees, at the rate of forty-seven per cent. ; and (2) in any other case, at the rate of fifty-five per cent.; and (b) on the balance of such long-term capital gains, if any, at rate of forty-five per cent.; and .