Case Law Details
Case Name : First State Investments (Hongkong) Ltd. [A/C First State Asia Innovation & Technology Fund] Vs. ADIT (ITAT Delhi)
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Background:-The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short Term Capital Gains (STCG) arising from sale of shares on or after 1 October 2004 on a stock exchange which are subject to Securities Transaction Tax (STT).
Before this amendment the STCG arising to non-residents (up to 30 September 2004) was taxable at the rate of 30 percent under the provision of section 115AD of the Act.
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