Home Acts & Rules Finance Act / Amendment Acts Finance Acts FINANCE ACT, 2013 Chapters List Chapter VII COMMODITIES TRANSACTION TAX This
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Section 116 - Definitions - FINANCE ACT, 2013Extract Definitions 116. In this Chapter, unless the context otherwise requires ,- ( 1 ) Appellate Tribunal means the Appellate Tribunal constituted under section 252 of the Income tax Act, 1961; (43 of 1961) ( 2 ) Assessing Officer means the Income-tax Officer or Assistant Commissioner of Income-tax or Deputy Commissioner of Income-tax or Joint Commissioner of Income-tax or Additional Commissioner of Income-tax who is authorised by the Board to exercise or perform all or any of the powers and functions conferred on, or assigned to, an Assessing Officer under this Chapter; ( 3 ) Board means the Central Board of Direct Taxes constituted under the Central Boards of Revenue Act, 1963;(54 of 1963). ( 4 ) commodities transaction tax means tax leviable on the taxable commodities transactions under the provisions of this Chapter; ( 5 ) commodity derivative means ( i ) a contract for delivery of goods which is not a ready delivery contract; or ( ii ) a contract for differences which derives its value from prices or indices of prices ( A ) of such underlying goods; or ( B ) of related services and rights, such as warehousing and freight; or ( C ) with reference to weather and similar events and activities, having a bearing on the commodity sector; ( 6 ) prescribed means prescribed by rules made under this Chapter; ( 7 ) taxable commodities transaction means a transaction of 2 [ sale of commodity derivatives or sale of commodity derivatives based on prices or indices of prices of commodity derivatives or option on commodity derivatives or option in goods in respect of commodities, other than agricultural commodities, traded in recognised stock exchange ] ; ( 8 ) words and expressions used but not defined in this Chapter and defined in the 3 [ Securities Contracts (Regulation) Act, 1956 (42 of 1956.) ] , the Income-tax Act, 1961 (43 of 1961), or the rules made 4 [ or the notifications issued ] thereunder, shall have the meanings respectively assigned to them in those Acts. ******************** Notes:- 1. Inserted vide THE FINANCE ACT, 2018 , w.e.f. 1st day of April, 2018, 2. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as sale of commodity derivatives 1 [or option on commodity derivatives] in respect of commodities, other than agricultural commodities, traded in recognised associations 3. Substituted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020 before it was read as Forward Contracts (Regulation) Act, 1952 (74 of 1952) 4. Inserted vide Finance Act, 2020 dated 27-03-2020 w.e.f. 01-04-2020
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