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of <h1>Finance Act 2013: Commodities Transaction Tax Introduced at 0.01% on Non-Agricultural Derivatives; Penalties for Non-Compliance</h1> Chapter VII of the Finance Act, 2013, introduces the Commodities Transaction Tax (CTT) at a rate of 0.01% on the sale of commodity derivatives, excluding agricultural commodities, in recognized associations. The tax is collected by these associations and credited to the government monthly. The Act mandates filing returns for taxable transactions and allows for the assessment and rectification of errors. Penalties are imposed for non-compliance, including failure to collect or file returns. The Act aligns certain procedures with the Income-tax Act, 1961, and provides for appeals and penalties, including imprisonment for false statements. The Central Government is empowered to make rules and address implementation difficulties.
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