{"act":{"id":"finance-act-2008","short_title":"The Finance Act, 2008","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2008-2009.","act_number":null,"act_year":2008,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":71,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2008/"},"unit":"section","section":{"number":"124","heading":"Amendment of Act 23 of 2004","text":"Amendment of Act 23 of 2004. 124. In the Finance (No. 2) Act, 2004, with effect from the 1st day of June, 2008,— (i ) in section 98, in the Table, for serial number 4 and the entries relating thereto, the following serial number and the entries shall respectively be substituted, namely:— Sl. No. | Taxable securities transaction | Rate | Payable by (1) | (2) | (3) | (4) \"4 | (a) | Sale of an option in securities | 0.017 per cent | Seller (b) | Sale of an option in securities, where option is exercised | 0.125 per cent | Purchaser (c) | Sale of a futures in securities | 0.017 per cent | Seller.\"; (ii ) in section 99, for clause (a), the following clause shall be substituted, namely:— \"(a) in the case of a taxable securities transaction relating to an option in securities, shall be— (i ) the option premium, in respect of transaction at item ( a) of serial number 4 of the Table in section 98; (ii ) the settlement price, in respect of transaction at item (b) of serial number 4 of the Table in section 98;\". © Copyright. Taxmann Publications Pvt. Ltd.","html":"<p><b>Amendment of Act 23 of 2004.</b></p><p><b>124.</b> In the Finance (No. 2) Act, 2004, with effect from the 1st day of June, 2008,—</p><p>(<i>i</i> ) in section 98, in the Table, for serial number 4 and the entries relating thereto, the following serial number and the entries shall respectively be substituted, namely:—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td><i>Sl. No.</i></td><td></td><td><i>Taxable securities transaction</i></td><td><i>Rate</i></td><td><i>Payable by</i></td></tr><tr><td></td><td><i>(1)</i></td><td></td><td><i> (2)</i></td><td><i>(3)</i></td><td><i>(4)</i></td></tr><tr><td></td><td>\"4</td><td>(<i>a</i>)</td><td>Sale of an option in securities</td><td>0.017 per cent</td><td>Seller</td></tr><tr><td></td><td></td><td>(<i>b</i>)</td><td>Sale of an option in securities, where option is exercised</td><td>0.125 per cent</td><td>Purchaser</td></tr><tr><td></td><td></td><td>(<i>c</i>)</td><td>Sale of a futures in securities</td><td>0.017 per cent</td><td>Seller.\";</td></tr></table></div><p>(<i>ii</i> ) in section 99, for clause (<i>a</i>), the following clause shall be substituted, namely:—</p><p>\"(<i>a</i>) in the case of a taxable securities transaction relating to an option in securities, shall be—</p><p>(<i>i</i> ) the option premium, in respect of transaction at item ( <i>a</i>) of serial number 4 of the Table in section 98;</p><p>(<i>ii</i> ) the settlement price, in respect of transaction at item (b) of serial number 4 of the Table in section 98;\".</p><p>© Copyright. Taxmann Publications Pvt. Ltd.</p>","words":201,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2008/section/124/","note":null,"source_note":"Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument.","judgments_note":"Judgment holdings are the ratio decidendi as extracted from the order by eCourts India, reproduced unaltered. Reported judgments only.","licence":"Published with commentary and other original matter under s.52(1)(q)(ii), Copyright Act 1957."}