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of <h1>Finance Act 2020 amends Section 118: Updates definitions and adds sub-clause on commodity derivatives and options.</h1> Section 118 of the Finance Act, 2013, has been amended effective April 1, 2020, by the Finance Act, 2020. The amendments include substituting 'commodity derivative' with 'commodity derivative or commodity derivative based on prices or indices of prices of commodity derivatives' in clause (a). In clause (b), the phrase 'or option in goods' is added after 'an option on commodity derivative.' Additionally, references to serial numbers in sub-clauses (i) and (ii) are updated, and a new sub-clause (iii) is introduced, addressing the difference between settlement and strike prices for transactions listed in section 117.
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