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Finance Act 2008 Section 105

Title: Value of Taxable Commodities Transaction

State: Central

Year: 2008

The value of a taxable commodities transaction specified under column (2) of the Table in section 99 shall, with reference to such transactions-- (a) against serial number 1, be the option premium; (b) against serial number 2, be the settlement price of the option in goods or option in commodity derivative, as the case may be; (c) against serial number 3, be the price at which the commodity derivative is sold.

Finance Act 2008 Section 121A

Title: Provisions of Chapter Vii Not to Apply to Taxable Commodities Transaction

State: Central

Year: 2008

1[Nothing contained in this Chapter shall apply to, or in relation to, the taxable commodities transaction entered on or after the 1st day of April, 2009.] ___________________________ 1. Inserted by the Finance (No. 2) Act, 2009.

Finance Act, 2008 Complete Act

State: Central

Year: 2008

.....the meaning given by Article 2 of Council Regulation (EC) No. 1407/2002 (state aid to coal industry). (3) The production of coal includes the extraction of it. Excluded activities: producing steel 20C In paragraph 16(ic) "steel" means any of the steel products listed in Annex 1 to the Guidelines on national regional aid (2006/C 54/08), published in the Official Journal on 4 March 2006." (6) The amendments made by this section have effect in relation to options granted on or after the day on which this Act is passed. SECTION 34: Tax credits for certain foreign distributions: (1) Schedule 12 contains provision about tax credits for certain foreign distributions. (2) The amendments made by that Schedule have effect for the tax year 2008-09 and subsequent tax years. SECTION 35: Small companies relief: associated companies: (1) Section 13 of ICTA (small companies' relief) is amended as follows. (2) In the second sentence of subsection (4) (meaning of "control" for purposes of definition of "associated company"), insert at the end "except that, in the application of subsection (6) of that section in relation to the company ("the taxpayer company") and another company.....

Finance Act 2008 Chapter V

Title: Service Tax

State: Central

Year: 2008

.....shall be liable to a penalty which may extend to five thousand rupees; (e) who issues invoice in accordance with the provisions of the Act or rules made thereunder, with incorrect or incomplete details or fails to account for an invoice in his books of account, shall be liable to a penalty which may extend to five thousand rupees. (2) Any person, who contravenes any of the provisions of this Chapter or any rules made thereunder for which no penalty is separately provided in this Chapter, shall be liable to a penalty which may extend to five thousand rupees.; (F) in section 78, after the fourth proviso, the following proviso shall be inserted, namely:-- Provided also that if the penalty is payable under this section, the provisions of section 76 shall not apply.; (G) in section 83, after the figures and letter 35F, the figures and letters 35FF, shall be inserted; (H) in section 86,-- (i) in sub-section (2), the following proviso shall be inserted at the end, namely:-- Provided that where the Committee of Chief Commissioners of Central Excise differs in its opinion against the order of the Commissioner of Central Excise, it shall state the point or.....

Finance Act 2008 Section 90

Title: Amendment of Act 32 of 1994

State: Central

Year: 2008

.....shall be liable to a penalty which may extend to five thousand rupees; (e) who issues invoice in accordance with the provisions of the Act or rules made thereunder, with incorrect or incomplete details or fails to account for an invoice in his books of account, shall be liable to a penalty which may extend to five thousand rupees. (2) Any person, who contravenes any of the provisions of this Chapter or any rules made thereunder for which no penalty is separately provided in this Chapter, shall be liable to a penalty which may extend to five thousand rupees.; (F) in section 78, after the fourth proviso, the following proviso shall be inserted, namely:-- Provided also that if the penalty is payable under this section, the provisions of section 76 shall not apply.; (G) in section 83, after the figures and letter 35F, the figures and letters 35FF, shall be inserted; (H) in section 86,-- (i) in sub-section (2), the following proviso shall be inserted at the end, namely:-- Provided that where the Committee of Chief Commissioners of Central Excise differs in its opinion against the order of the Commissioner of Central Excise, it shall state the point or.....

Finance Act 2008 Chapter VII

Title: Commodities Transaction Tax

State: Central

Year: 2008

.....derivative, traded in recognised associations; (6) words and expressions used but not defined in this Chapter and defined in the Forward Contracts (Regulations) Act 1952(74 of 1952), the Income-tax Act, 1961(43 of 1961), or the rules made thereunder, shall have the meanings respectively assigned to them in those Acts. Section 104 - Charge of commodities transaction tax On and from the date of commencement of this Chapter, there shall be charged a commodities transaction tax in respect of every taxable commodities transaction specified in column (2) of the Table below, at the rates specified in the corresponding entry in column (3) of the said Table, on the value of such transaction and such tax shall be payable by the seller or the purchaser, as the case may be, specified in the corresponding entry in column (4) of the said Table: Table Sl. No. Taxable commodities transaction Rate Payable by (1) (2) (3) (4) 1. Sale of an option in goods or an option in commodity derivative 0.017 per cent. Seller 2. Sale of an option in goods or an.....

Finance Act 2008 Chapter III

Title: Direct Taxes

State: Central

Year: 2008

.....such previous year or years preceding the previous year relevant to the assessment year under consideration shall be deemed to be the depreciation actually allowed under this Act for the purposes of this clause; and (c) the depreciation actually allowed under clause (b) shall be adjusted by the amount of depreciation attributable to such revaluation of the asset.". Section 13 - Amendment of section 44AB In section 44AB of the Income -tax Act, in the Explanation, in clause (if), for the figures, letters and words "31st day of October", the figures, letters and words "30th day of September" shall be substituted. Section 14 - Amendment of section 47 In section 47 of the Income-tax Act,-- (a) after clause (x), the following clause shall be inserted, namely:-- (xa) any transfer by way of conversion of bonds referred to in clause (a) of sub-section (1) of section 115AC into shares or debentures of any company;; (b) after clause (xv), the following clause shall be inserted, namely:-- (xvi) any transfer of a capital asset in a transaction of reverse mortgage under a scheme made and notified by the Central Government.. Section 15 - Amendment of section 49 In.....

Finance Act 2008 Section 9

Title: Amendment of Section 36

State: Central

Year: 2008

In section 36 of the Income-tax Act, in sub-section (1), after clause (xiv), the following clauses shall be inserted with effect from the 1st day of April, 2009, namely:-- (xv) an amount equal to the securities transaction tax paid by the assessee in respect of the taxable securities transactions entered into in the course of his business during the previous year, if the income arising from such taxable securities transactions is included in the income computed under the head Profits and gains of business or profession.. Explanation.--For the purposes of this clause, the expressions securities transaction tax and taxable securities transaction shall have the meanings respectively assigned to them under Chapter VII of the Finance (No. 2) Act, 2004(23 of 2004); (xvi) an amount equal to the commodities transaction tax paid by the assessee in respect of the taxable commodities transactions entered into in the course of his business during the previous year, if the income arising from such taxable commodities transactions is included in the income computed under the head Profits and gains of business or profession. Explanation.--For the purposes of this clause, the.....

Finance Act 2008 Chapter VIII

Title: Miscellaneous

State: Central

Year: 2008

The Seventh Schedule to the Finance Act, 2001 shall be amended in the manner specified in the Eighth Schedule. Section 123 - Amendment of section 13 of Act 58 of 2002 In the Unit Trust of India (Transfer of Undertaking and Repeal) Act, 2002, in section 13, in sub-section (1), for the words "for a period of five years computed from the appointed day", the words, figures and letters "for the period beginning on the appointed day and ending on the 31st day of March, 2009" shall be substituted and shall be deemed to have been substituted with effect from the 1st day of February, 2008. Section 124 - Amendment of Act 23 of 2004 In the Finance (No. 2) Act, 2004, with effect from the 1st day of June, 2008,-- (i) in section 98, in the Table, for serial number 4 and the entries relating thereto, the following serial number and the entries shall respectively be substituted, namely:-- Sl. No. Taxable securities transaction Rate Payable by (1) (2) (3) (4) "4 (a) Sale of an option in securities 0.017 per cent. Seller (b) Sale of an option in.....

Finance Act 2008 Section 103

Title: Definitions

State: Central

Year: 2008

.....conferred on, or assigned to, an Assessing Officer under this Chapter; (3) "commodities transaction tax" means tax leviable on the taxable commodities transactions under the provisions of this Chapter; (4) "prescribed" means prescribed by rules made under this Chapter; (5) "taxable commodities transaction" means a transaction of purchase or sale of option in goods, or option in commodity derivative, or any other commodity derivative, traded in recognised associations; (6) words and expressions used but not defined in this Chapter and defined in the Forward Contracts (Regulations) Act 1952(74 of 1952), the Income-tax Act, 1961(43 of 1961), or the rules made thereunder, shall have the meanings respectively assigned to them in those Acts.