Bare Act Search Results

Finance Act 2008 Section 104

Title: Charge of Commodities Transaction Tax

State: Central

Year: 2008

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 option in commodity derivative, where option is exercised 0.125 per cent. Purchaser 3. Sale of any other commodity derivative 0.017 per cent. Seller

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 Section 111

Title: Penalty for Failure to Collect or Pay Commodities Transaction Tax

State: Central

Year: 2008

Any assessee who-- (a) fails to collect the whole or any part of the commodities transaction tax as required under section 101; or (b) having collected the commodities transaction tax, fails to pay such tax to the credit of the Central Government in accordance with the provisions of sub-section (2) of that section, shall be liable to pay,-- (i) in the case referred to in clause (a), in addition to paying the tax in accordance with the provisions of sub-section (3) of that section, or interest, if any, in accordance with the provisions of section 105, by way of penalty, a sum equal to the amount of commodities transaction tax that he failed to collect; and (ii) in the case referred to in clause (b), in addition to paying the tax in accordance with the provisions of sub-section (2) of that section and interest in accordance with the provisions of section 105, by way of penalty, a sum of one thousand rupees for every day during which the failure continues; so, however, that the penalty under this clause shall not exceed the amount of commodities transaction tax that it failed to pay.

Limited Liability Partnership Act 2008 Section 66

Title: Business Transactions of Partner with Limited Liability Partnership

State: Central

Year: 2008

A partner may lend money to and transact other business with the limited liability partnership and has the same rights and obligations with respect to the loan or other transactions as a person who is not a partner.

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 106

Title: Collection and Recovery of Commodities Transaction Tax

State: Central

Year: 2008

(1) Every recognised association (hereinafter in this Chapter referred to as assessee) shall collect the commodities transaction tax from the seller or the purchaser, as the case may be, who enters into a taxable commodities transaction in that recognised association, at the rates specified in section 99. (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).

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 Section 110

Title: Interest on Delayed Payment of Commodities Transaction Tax

State: Central

Year: 2008

Every assessee, who fails to credit the commodities transaction tax or any part thereof as required under section 101 to the account of the Central Government within the period specified in that section, shall pay simple interest at the rate of one per cent. of such tax for every month or part of a month by which such crediting of the tax or any part thereof is delayed.

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 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.....