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Section118
The Finance Act, 2013

Value of taxable commodities transaction

In force As on 11 Oct 2026

Ministry Finance

Section 118 of the Finance Act, 2013 deals with value of taxable commodities transaction. Value of taxable commodities transaction [Value of taxable commodities transaction.

Value of taxable commodities transaction

[Value of taxable commodities transaction.

118. The value of taxable commodities transaction referred to in section 117,—

(a)in the case of a taxable commodities transaction relating to a [commodity derivative or commodity derivative based on prices or indices of prices of commodity derivatives], shall be the price at which the [commodity derivative or commodity derivative based on prices or indices of prices of commodity derivatives] is traded;
(b)in the case of a taxable commodities transaction relating to an option on commodity derivative, [or option in goods] shall be—
(i)the option premium, in respect of transaction at [serial numbers 3 and 4] of the Table in section 117;
(ii)the settlement price, in respect of transaction at [serial numbers 5 and 6] of the Table in section 117.]
[(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.]

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Section 118, The Finance Act, 2013.

Cross-references

Extracted from the operative text of the enactments themselves. Every destination below exists in our corpus.

This section refers to

  1. s. 117 Charge of commodities transaction tax

Questions about Section 118

What does Section 118 of the Finance Act deal with?

Section 118 of the Finance Act is headed "Value of taxable commodities transaction". Value of taxable commodities transaction [Value of taxable commodities transaction.

How do I find court cases under Section 118 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 2013 118, section 118 Finance Act 2013, section 118 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 118 of the Finance Act, and has it changed?

Its own text turns on section 117 (Charge of commodities transaction tax), so none of them can safely be read on its own.

When was the Finance Act enacted?

Finance Act was enacted in 2013. India Code records no commencement date for it. It is in force as at the date shown on this page.

Other sections of this Act

Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. 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. This page is not a substitute for legal advice.