{"act":{"id":"finance-act-2020","short_title":"The Finance Act, 2020","long_title":"An Act to give effect to the financial proposals of the Central Government for the financial year 2020-2021.","act_number":null,"act_year":2020,"enact_date":null,"enforcement_date":null,"ministry":"Ministry of Finance","department":"Department of Revenue","jurisdiction":"CENTRAL","unit":"section","section_count":157,"in_force":true,"spent":false,"spent_note":null,"duplicate_of":null,"text_source":"published","scan_url":null,"url":"https://indiacode.ecourtsindia.com/finance-act-2020/"},"unit":"section","section":{"number":"150","heading":"Amendment of Section 118","text":"Amendment of section 118. 150. In section 118 of the principal Act, with effect from the 1st day of April, 2020,— (i) | in clause (a), for the words \"commodity derivative\" at both the places where they occur, the words \"commodity derivative or commodity derivative based on prices or indices of prices of commodity derivatives\" shall be substituted; (ii) | in clause (b),— (A) | after the words \"an option on commodity derivative\", the words \"or option in goods\" shall be inserted; (B) | in sub-clause (i), for the words and figure \"serial number 2\", the words and figures \"serial numbers 3 and 4\" shall be substituted; (C) | in sub-clause (ii), for the words and figure \"serial number 3\", the words and figures \"serial numbers 5 and 6\" shall be substituted; (D) | after sub-clause (ii), the following sub-clause shall be inserted, namely:— \"(iii) the difference between the settlement price and the strike price, in respect of transaction at serial number 7 of the Table in section 117.\".","html":"<p><b>Amendment of section 118.</b></p><p><b>150.</b> In section 118 of the principal Act, with effect from the 1st day of April, 2020,—</p><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>i</i>)</td><td></td><td>in clause (<i>a</i>), for the words \"commodity derivative\" at both the places where they occur, the words \"commodity derivative or commodity derivative based on prices or indices of prices of commodity derivatives\" shall be substituted;</td></tr><tr><td>(<i>ii</i>)</td><td></td><td>in clause (<i>b</i>),—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td>(<i>A</i>)</td><td></td><td>after the words \"an option on commodity derivative\", the words \"or option in goods\" shall be inserted;</td></tr><tr><td>(<i>B</i>)</td><td></td><td>in sub-clause (<i>i</i>), for the words and figure \"serial number 2\", the words and figures \"serial numbers 3 and 4\" shall be substituted;</td></tr><tr><td>(<i>C</i>)</td><td></td><td>in sub-clause (<i>ii</i>), for the words and figure \"serial number 3\", the words and figures \"serial numbers 5 and 6\" shall be substituted;</td></tr><tr><td>(<i>D</i>)</td><td></td><td>after sub-clause (<i>ii</i>), the following sub-clause shall be inserted, namely:—</td></tr></table></div><div class=\"tablewrap\"><table class=\"dtable\"><tr><td></td><td></td><td>\"(<i>iii</i>) the difference between the settlement price and the strike price, in respect of transaction at serial number 7 of the Table in section 117.\".</td></tr></table></div>","words":169,"text_source":"published"},"classification":[],"instruments":[],"judgments":[],"corresponds_to":[],"url":"https://indiacode.ecourtsindia.com/finance-act-2020/section/150/","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."}