{"act":{"id":"finance-act-2013","short_title":"The Finance Act, 2013","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2013-2014.","act_number":null,"act_year":2013,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":142,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2013/"},"unit":"section","section":{"number":"116","heading":"Definitions","text":"Definitions 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 [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 [Securities Contracts (Regulation) (42 of 1956)] Act, 1956,, the Income-tax Act, 1961 (43 of 1961), or the rules made [or the notifications issued], shall have the meanings respectively assigned to them in those Acts. © Copyright. Taxmann Publications Pvt. Ltd.","html":"

Definitions

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 [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 [Securities Contracts (Regulation) (42 of 1956)] Act, 1956,, the Income-tax Act, 1961 (43 of 1961), or the rules made [or the notifications issued], shall have the meanings respectively assigned to them in those Acts.

© Copyright. Taxmann Publications Pvt. Ltd.

","words":322,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2013/section/116/","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."}