Collection and recovery of commodities transaction tax
Section 119 of the Finance Act, 2013 deals with collection and recovery of commodities transaction tax. Collection and recovery of commodities transaction tax Collection and recovery of commodities transaction tax.
Collection and recovery of commodities transaction tax
Collection and recovery of commodities transaction tax.
119. (1) Every [recognised stock exchange] (hereinafter in this Chapter referred to as assessee) shall collect the commodities transaction tax from the seller who enters into a taxable commodities transaction in that [recognised stock exchange] at the rate specified in section 107.
(2) The commodities transaction tax collected during any calendar month in accordance with the provisions of sub-section (1) shall be paid by every assessee to the credit of the Central Government by the seventh day of the month immediately following the said calendar month.
(3) Any assessee who fails to collect the tax in accordance with the provisions of sub-section (1) shall, notwithstanding such failure, be liable to pay the tax to the credit of the Central Government in accordance with the provisions of sub-section (2).
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Section 119, 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
Referred to by 2
Questions about Section 119
What does Section 119 of the Finance Act deal with?
Section 119 of the Finance Act is headed "Collection and recovery of commodities transaction tax". Collection and recovery of commodities transaction tax Collection and recovery of commodities transaction tax.
How do I find court cases under Section 119 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 119, section 119 Finance Act 2013, section 119 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 119 of the Finance Act, and has it changed?
Its own text turns on section 107 (Procedure for making declaration and payment of tax dues), so none of them can safely be read on its own. 2 other provisions in this corpus refer back to it.
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
- First Schedule. First Schedule7233 words
- 2. Income-tax3208 words
- 26. Insertion of new Chapter X-A1952 words
- 103. Amendment of Act 32 of 19941412 words
- 5. Amendment of section 101253 words
- 39. Insertion of new section 144BA1225 words
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.