Amendment of section 43
Section 14 of the Finance Act, 2005 deals with amendment of section 43. Amendment of section 43. 14. In section 43 of the Income-tax Act, in clause (5), with effect from the 1st day of April, 2006,— ( A) in the proviso,— (i) in clause (c), the word "or" shall be inserted at the end; The Act was enacted on 13 May 2005.
Amendment of section 43.
14. In section 43 of the Income-tax Act, in clause (5), with effect from the 1st day of April, 2006,—
( A) in the proviso,—
(i) in clause (c), the word "or" shall be inserted at the end;
(ii) after clause (c), as so amended, the following clause shall be inserted, namely:—
"( d) an eligible transaction in respect of trading in derivatives referred to in clause (aa) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) carried out in a recognised stock exchange;";
(B ) after the proviso, the following Explanation shall be inserted, namely:—
‘ Explanation.— For the purposes of this clause, the expressions—
(i) "eligible transaction" means any transaction,—
(A ) carried out electronically on screen-based systems through a stock broker or sub-broker or such other intermediary registered under section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the Securities and Exchange Board of India Act, 1992 or the Depositories Act, 1996 (22 of 1996) and the rules, regulations or bye-laws made or directions issued under those Acts or by banks or mutual funds on a recognised stock exchange; and
(B ) which is supported by a time stamped contract note issued by such stock broker or sub-broker or such other intermediary to every client indicating in the contract note the unique client identity number allotted under any Act referred to in sub-clause (A) and permanent account number allotted under this Act;
(ii) "recognised stock exchange" means a recognised stock exchange as referred to in clause (f) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and which fulfils such conditions as may be prescribed and notified by the Central Government for this purpose.’.
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Section 14, The Finance Act, 2005 (Act 18 of 2005).
Cross-references
Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.
Questions about Section 14
What does Section 14 of the Finance Act deal with?
Section 14 of the Finance Act is headed "Amendment of section 43". Amendment of section 43. 14. In section 43 of the Income-tax Act, in clause (5), with effect from the 1st day of April, 2006,— ( A) in the proviso,— (i) in clause (c), the word "or" shall be inserted at the end;
How do I find court cases under Section 14 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2005 14, section 14 Finance Act 2005, section 14 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
What should I read with Section 14 of the Finance Act, and has it changed?
Its own text turns on section 43 (Amendment of section 140A), Income-tax Act 43 (Definitions of certain terms relevant to income from profits and gains of business or profession), Securities and Exchange Board of India Act 12 (Registration of stock-brokers, sub-brokers, share transfer agents, etc), so none of them can safely be read on its own.
When was Section 14 of the Finance Act enacted?
Section 14 of the Finance Act, cited as Finance Act 2005 14, was enacted on 13 May 2005 as Act 18 of 2005. It is in force as at the date shown on this page.
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