Sandeep Ahuja & Co.

Established in the year 1986, we are a leading chartered accountancy firm based in Delhi & NCR rendering comprehensive professional services which include statutory audit, internal audit, direct tax, transfer pricing, GST, bank audit, propriety audit, cost accounting, internal financial controls and risk advisory.

Friday, March 15, 2013

Budget 2013-14: Introduction of Commodity Transaction Tax (CTT)


A new tax called Commodities Transaction Tax (CTT) is proposed to be levied on taxable commodities transactions entered into in a recognised association.

It is proposed to define ‘taxable commodities transaction’ to mean a transaction of sale of commodity derivatives in respect of commodities, other than agricultural commodities, traded in recognised associations.

The tax is proposed to be levied at the rate, given in the Table below, on taxable commodities transactions undertaken by the seller.

The provisions with regard to collection and recovery of CTT, furnishing of returns, assessment procedure, power of assessing officer, chargeability of interest, levy of penalty, institution of prosecution, filing of appeal, power to the Central Government, etc. have also been provided.

This tax is proposed to be levied from the date on which Chapter VII of the Finance Bill, 2013 comes into force by way of notification in the Official Gazette by the Central Government.

Further, it is proposed to amend section 36 of the Income-tax Act to provide that 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 shall be allowable as deduction, 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”.

It is also proposed to insert an Explanation to provide that for the purposes of this clause, the expressions “commodities transaction tax” and “taxable commodities transaction” shall have the meanings respectively assigned to them under Chapter VII of the Finance Act, 2013.

This amendment in section 36 of the Income-tax Act will take effect from 1st April, 2014 and will, accordingly, apply in relation to the assessment year 2014-15 and subsequent assessment years.

13 comments:

  1. http://bantalsilikon01.blogspot.com/2014/10/perumahan-baru-di-tangerang-graha-raya.html
    http://bantalsilikon01.blogspot.com/2014/11/bantal-silikon.html
    http://bantalsilikon01.blogspot.com/2014/10/rekomendasi-untuk-cloud-dedicated.html
    http://bantalsilikon01.blogspot.com/
    http://marinir-seo.blogspot.com/2014/10/marinir-seo.html
    http://marinirseo.blogspot.com/2014/10/perumahan-baru-di-tangerang-graha-raya.html
    http://kopiluwakliar01.blogspot.com/2014/10/perumahan-baru-di-tangerang-graha-raya.html

    lkmnprapto@gmail.com
    http://marinir-seo-konsultan-12a.blogspot.com/2014/10/aaa.html
    http://asdf-14.blogspot.com/2014/10/hhh.html
    http://vvtiin.blogspot.com/2014/10/iii.html
    http://marinir-seo-8.blogspot.com/2014/10/jjj.html
    http://bantaljkt1.blogspot.com/2014/10/sss.html
    http://dfes12.blogspot.com/2014/10/rrr.html
    http://seo-guru01.blogspot.com/2014/10/qqq.html
    http://jksbindo.blogspot.com/2014/10/ppp.html
    http://jkt-49.blogspot.com/2014/10/ooo.html
    http://seokonsultan1.blogspot.com/2014/10/nnn.html
    http://guru-seo-malang.blogspot.com/2014/10/mmm.html
    http://seo-aaa.blogspot.com/2014/10/lll.html
    http://seo-konsultasi-mudah.blogspot.com/2014/10/kkk.html
    http://bantal-silikon15.blogspot.com/2014/10/ggg.html
    http://agen-seo16.blogspot.com/2014/10/fff.html
    http://agen-seo17.blogspot.com/2014/10/eee_30.html
    http://agen-seo18.blogspot.com/2014/10/ddd.html
    http://agen-seo19.blogspot.com/2014/10/ccc.html
    http://agen-seo20.blogspot.com/2014/10/bbb.html
    http://bumbu-pecel01.blogspot.com/2014/10/xxx.html

    bumbupecel1.blogspot.com
    http://bantalasdf.blogspot.com/2014/10/aaa.html
    http://seo-malang-19.blogspot.com/2014/10/bbb.html
    http://agenseomalang18.blogspot.com/2014/10/ccc.html
    http://marinirseo17.blogspot.com/2014/10/ddd.html
    http://bumbupecel16.blogspot.com/2014/10/eee.html
    http://domainhosting15.blogspot.com/2014/10/fff.html
    http://bumbupecel15.blogspot.com/2014/10/ggg.html
    http://marinirseo14.blogspot.com/2014/10/hhh.html
    http://bantalsilikon12a.blogspot.com/2014/10/iii.html
    http://marinirseo12.blogspot.com/2014/10/jjj.html
    http://bumbu-pecel-hz.blogspot.com/2014/10/kkk.html
    http://marinir-seo-001.blogspot.com/2014/10/lll.html
    http://bantal-silikon-murah.blogspot.com/2014/10/mmm.html
    http://vvty-ine.blogspot.com/2014/10/nnn.html
    http://give-a-power.blogspot.com/2014/10/ooo.html
    http://bumbupecel-12.blogspot.com/2014/10/ppp.html
    http://marinir-seo-konsultan.blogspot.com/2014/10/qqq.html
    http://guru-seo-praktisi-123.blogspot.com/2014/10/rrr.html
    http://guru-seminar-online01.blogspot.com/2014/10/sss.html
    http://kopiluwakmalang11.blogspot.com/2014/10/ttt.html

    ReplyDelete
  2. How did you can avail the give your dream a shape with the help of make your move Adword India's No 1 services.

    http://www.adword.co.in/

    ReplyDelete
  3. How Packers and Movers India can assist you with your long-distance relocation services provide packing moving services at the make you best local shifting services exoprt amazing only.
    Packers and Movers Pune
    Packers and Movers Bangalore
    Packers and Movers Chennai
    Packers and Movers Hyderabad
    Packers and Movers Mumbai

    ReplyDelete
  4. Hi Chaps, avail a hot love from me. I am a perfect charmer for you in love. The men require me for lovemaking session. In Jaipur, get sensual love from dynamic babes like me. There are other ladies who are working as Jaipur Escorts and offer services in a gentle manner to all the depraved lovers.
    Jaipur Escorts
    Delhi Escorts
    Chandigarh Escorts
    Delhi Escorts
    Hyderabad Escorts
    Kanpur Escorts
    Chandigarh Escorts
    Chandigarh Escorts Service
    Lucknow Escorts

    ReplyDelete
  5. I am Aniya Ahuja, a well educated and mannered girl who would be your escort any day and any time. I can make your outing thrilling and change the way you view life in room service or any outing. I am an Indian who understands what it takes to give a tourist respect and attention. I have a body that would impress you and make you come back for my service. There is no part of the country I would not escort you to. This is the reason why I am one of the most sort escorts girl in Mumbai.



    Mumbai Escorts

    Mumbai Independent Escorts



    ReplyDelete
  6. welcome to the best possible spot for choosing top independent name women in Bangalore provider. this is my individual net page for supplying unbiased escorts service in bangalore to the exceptional excessive nice individualities. https://www.payalpandya.com/
    bangalore escorts
    escorts in bangalore

    ReplyDelete
  7. my complete lifestyle with many distinctive appealing guys. Please attempt to realise that i'm offering the high-quality high best escorts in bangalore https://www.payalpandya.com/services.html
    bangalore escorts
    escorts in bangalore

    ReplyDelete
  8. i'm providing surprising call ladies in bangalore for wealthy & enterprise category individuals simplest. https://www.payalpandya.com/gallery.html
    bangalore escorts
    escorts in bangalore

    ReplyDelete
  9. Later I diagnosed that there is no the excellent excessive first-class call girls in available so I prepared for it. https://www.bedpari.com/chennai-escorts.html
    Chennai escorts
    Escorts in Chennai

    ReplyDelete
  10. I taught him loads approximately intercourse and he found that he wishes to spend extra time with me now not like every boy can allow me cross but he did no longer have extra cash to spend.
    https://www.bedpari.com/hyderabad-escorts.html
    Hyderabad escorts

    ReplyDelete
  11. means she isn't always on my own and don’t need to speak to you. if you technique, while she is in a group, they realize what you're after and it would be embarrassing for her
    https://www.nehathakur.com/escorts-service-novotal-hotel-bangalore.php
    escort service near novotel hotel bangalore

    ReplyDelete
  12. each unmarried different component for you and could ensure you have an remarkable and agreeable time with me.
    https://www.nehathakur.com/escorts-service-shangri-la-hotel.php
    call girls service near shangri la hotel bangalore

    ReplyDelete