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of <h1>Section 116 Finance Act 2013: Key Definitions for Commodities Transaction Tax and Taxable Commodity Derivative Transactions</h1> Section 116 of the Finance Act, 2013 defines key terms for the commodities transaction tax regime. It specifies that the Appellate Tribunal is the body constituted under the Income-tax Act and that the Assessing Officer is an income-tax authority authorised by the Central Board of Direct Taxes (the Board) to exercise powers under this Chapter. 'Commodities transaction tax' is the tax on taxable commodities transactions, and 'commodity derivative' covers certain non-ready delivery contracts and contracts for differences linked to goods, related services, rights, or weather events affecting the commodity sector. 'Taxable commodities transaction' refers to specified sales of commodity derivatives and options, excluding agricultural commodities, on recognised stock exchanges. Definitions from related statutes also apply.
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