{"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":"9","heading":"Amendment of section 43","text":"Amendment of section 43. 9. In section 43 of the Income-tax Act, in clause (5), with effect from the 1st day of April, 2014,— (I) | in the proviso,— (A) | in clause (d), after the words \"a recognised stock exchange;\", the word \"or\" shall be inserted; (B) | after clause (d), the following clause shall be inserted, namely:— \"(e) an eligible transaction in respect of trading in commodity derivatives carried out in a recognised association,\"; (II) | the Explanation shall be numbered as \"Explanation 1\" thereof and in the Explanation 1 as so renumbered, for the words \"this clause\", the word, brackets and letter \"clause (d)\" shall be substituted; (III) | after Explanation 1 as so renumbered, the following Explanation shall be inserted, namely: 'Explanation 2.— For the purposes of clause (e), the expressions— (i) | \"commodity derivative\" shall have the meaning as assigned to it in Chapter VII of the Finance Act, 2013; (ii) | \"eligible transaction\" means any transaction,— (A) | carried out electronically on screen-based systems through member or an intermediary, registered under the bye-laws, rules and regulations of the recognised association for trading in commodity derivative in accordance with the provisions of the Forward Contracts (Regulation) Act, 1952 (74 of 1952) and the rules, regulations or bye-laws made or directions issued under that Act on a recognised association; and (B) | which is supported by a time stamped contract note issued by such member or intermediary to every client indicating in the contract note, the unique client identity number allotted under the Act, rules, regulations or bye-laws referred to in sub-clause (A), unique trade number and permanent account number allotted under this Act; (iii) | \"recognised association\" means a recognised association as referred to in clause (j) of section 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952) and which fulfils such conditions as may be prescribed and is notified by the Central Government for this purpose. © Copyright. Taxmann Publications Pvt. Ltd.","html":"

Amendment of section 43.

9. In section 43 of the Income-tax Act, in clause (5), with effect from the 1st day of April, 2014,—

(I)in the proviso,—
(A)in clause (d), after the words \"a recognised stock exchange;\", the word \"or\" shall be inserted;
(B)after clause (d), the following clause shall be inserted, namely:—
\"(e) an eligible transaction in respect of trading in commodity derivatives carried out in a recognised association,\";
(II)the Explanation shall be numbered as \"Explanation 1\" thereof and in the Explanation 1 as so renumbered, for the words \"this clause\", the word, brackets and letter \"clause (d)\" shall be substituted;
(III)after Explanation 1 as so renumbered, the following Explanation shall be inserted, namely:
'Explanation 2.— For the purposes of clause (e), the expressions—
(i)\"commodity derivative\" shall have the meaning as assigned to it in Chapter VII of the Finance Act, 2013;
(ii)\"eligible transaction\" means any transaction,—
(A)carried out electronically on screen-based systems through member or an intermediary, registered under the bye-laws, rules and regulations of the recognised association for trading in commodity derivative in accordance with the provisions of the Forward Contracts (Regulation) Act, 1952 (74 of 1952) and the rules, regulations or bye-laws made or directions issued under that Act on a recognised association; and
(B)which is supported by a time stamped contract note issued by such member or intermediary to every client indicating in the contract note, the unique client identity number allotted under the Act, rules, regulations or bye-laws referred to in sub-clause (A), unique trade number and permanent account number allotted under this Act;
(iii)\"recognised association\" means a recognised association as referred to in clause (j) of section 2 of the Forward Contracts (Regulation) Act, 1952 (74 of 1952) and which fulfils such conditions as may be prescribed and is notified by the Central Government for this purpose.

© Copyright. Taxmann Publications Pvt. Ltd.

","words":330,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2013/section/9/","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."}