These are the latest notifications issued by CBDT on Income Tax which have been published recently. The notifications are open for discussion and we invite expert comments from our members on its applicability and effect on relevant issues.
In exercise of owers conferred under clause (iii) of Explanation to clause (e) of the proviso to sub-section (5) of Section 43 of the I come-tax Act, 1961 (43 of 1961) read with sub-rule (4) of Rule 6000 of the Income-tax Rules, 1962, the Central Government hereby notifies Indian commodity Exchange Limited (PAN:AABCI9479D) as a 'recognised association' for the pu pose of said clause with effect from 01.11.2018 subject to fulfilment of following conditions in respect of trading in co modity derivatives, namely;
(i) The Exchange shall have the approval of the Forward Markets Commission established under the Forward c+ tracts (Regulation) Act, 1952 (74 of 1952) (merged with Securities and Exchange Board of India vide Gazette Notification No.S.0.2630(E) dated 24.09.2015) in respect of trading in derivatives and shall function in ccordance with the guidelines or conditions laid down by it; or
(n) It shall osu,e that the pacUeulacs of the client (Including unique client Identity numbe, and PAN) ace duly recorded and stored in its databases; or
(iii) it shall maintain a complete audit trail of all transactions (in respect of derivative market) for a period of atleast sev n years on its system; or