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Home Acts & Rules Bill Bills FINANCE BILL, 2020 Chapters List Part V AMENDMENTS TO THE FINANCE ACT, 2013 This
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Clause 146 - Amendment of section 116. - FINANCE BILL, 2020

FINANCE BILL, 2020
Part V
AMENDMENTS TO THE FINANCE ACT, 2013
  • Contents

PART V

AMENDMENTS TO THE FINANCE ACT, 2013

Amendment of section 116.

146. In the Finance Act, 2013 (17 of 2013) (hereafter in this Part referred to as the principal Act), in section 116, with effect from the 1st day of April, 2020,-

(a) in clause (7), for the words “sale of commodity derivatives or option on commodity derivatives in respect of commodities, other than agricultural commodities, traded in recognised associations”, the words “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” shall be substituted;

(b) in clause (8),––

(A) for the words, brackets and figures “Forward Contracts (Regulation) Act, 1952”, (74 of 1952) the words, brackets and figures “Securities Contracts (Regulation) Act, 1956” (42 of 1956) shall be substituted;

(B) after the words “or the rules made”, the words “or the notifications issued” shall be inserted.

 



 

Notes on Clauses:

Clause 146 of the Bill seeks to amend section 116 of the Finance Act, 2013 relating to definitions.

Clause(7) of the said section defines “taxable commodities transaction”. It is proposed to amend the said clause so as to insert the expressions ‘sale of option in goods, and sale of commodity derivatives based on prices or indices of prices of commodity derivatives’ within the ambit of said definition.

It is further proposed to amend clause (8) of the said section so as to substitute the expressions “Forward Contracts (Regulation) Act, 1952 with the expressions “Securities Contracts (Regulation) Act, 1956 and to insert the words “notifications issued” therein.

These amendments will take effect from 1st April, 2020.

 
 
 
 
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