Amendment to provisions regulating Commodity Transaction Tax (CTT) w.e.f. Assessment Year 2019-2020 under Income Tax Act.

The following amendments have been made to the provisions regulating commodity transaction tax with effect from April 1, 2018 —

1.         The definition of taxable commodities transaction has been amended to include “option on commodity derivatives”.

2.         Commodities transaction tax shall be chargeable as follows —

 

Taxable commodities transaction

Value of taxable
transaction

Rate

Payable by

Sale of a commodity derivative

Price at which the
commodity derivative is
traded

0.01%

Seller

Sale of an option on commodity derivative

Option premium

0.05%

Seller

Sale of an option on commodity derivative, where option is exercised


Settlement price

 0.0001%

Purchaser

 

Amendment at a Glance for A.Y. 2019-20
Amendment to [Sec.-2(24)] Amendment to [Sec.-2(42A)] Amendment to [Sec.-9]
Amendment to [Sec.-16 & 17] Amendment to [Sec.-28] Amendment to [Sec.-36 & 40A]
Amendment to [Sec.-43] Amendment to [Sec.-43CA] Amendment to [Sec.-44AE]
Amendment to [Sec.-49] Amendment to [Sec.-56(2)(x)] Amendment to [Sec.-79]
Amendment to [Sec.-80AC] Amendment to [Sec.-80D] Amendment to [Sec.-80DDB]
Amendment to [Sec.-80IAC] Amendment to [Sec.-80JJAA] Amendment to [Sec.-80PA]
Amendment to [Sec.-80TTA] Amendment to [Sec.-80TTB] Amendment to [Sec.-115AD]
Amendment to [Sec.-115BA] Amendment to [Sec.-115BBE] Amendment to [Sec.-115JB]
Amendment to [Sec.-115O & 115Q] Amendment to [Sec.-115R & 115T] Amendment to [Sec.-139A]
Amendment to [Sec.-140] Amendment to [Sec.-143] Amendment to [Sec.-145A & 145B]
Amendment to [Sec.-193] Amendment to [Sec.-194A] Amendment to [Sec.-145O & 245Q]
Amendment to [Sec.-271FA] Amendment to [Sec.-276CC] Amendment to [Sec.-286]
 
 
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