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of <h1>Finance Act 2005 Amends Income-tax Act, Adds Clause for Eligible Derivative Trading on Recognized Stock Exchanges</h1> The Finance Act, 2005 amends section 43 of the Income-tax Act, effective April 1, 2006. It modifies clause (5) by adding a new clause (d) to the proviso, recognizing eligible transactions in derivative trading on recognized stock exchanges. An explanation defines 'eligible transaction' as those conducted electronically through registered intermediaries, supported by time-stamped contract notes indicating unique client identities and permanent account numbers. 'Recognized stock exchange' is defined as per the Securities Contracts (Regulation) Act, 1956, subject to conditions prescribed by the Central Government.
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