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of <h1>Amendment to Section 43 of Income-tax Act: Clarifies Commodity Derivatives Trading Not Speculative, Retroactive from April 2014.</h1> Clause 15 of the Finance (No. 2) Bill, 2014 proposes an amendment to section 43 of the Income-tax Act, specifically in clause (5) of the proviso. The amendment involves replacing the term 'recognised association' with 'recognised association, which is chargeable to commodities transaction tax under Chapter VII of the Finance Act, 2013' in clause (e). This change clarifies that eligible transactions in commodity derivatives trading, conducted in such recognised associations, are not deemed speculative transactions. The amendment is effective retrospectively from April 1, 2014, applicable to the assessment year 2014-15 and onwards.
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