Commodities Transaction Tax Rules, 2013 - 46/2013 - Income Tax

Commodities Transaction Tax procedures: filing, payment and appeal formats mandated for recognised associations and returns.

These rules operationalise the Commodities Transaction Tax regime by defining key terms and agricultural commodities, prescribing rounding rules, mandating recognised associations to remit tax via specified banks with a challan, and requiring annual returns in Form No. 1 (with Schedules A and B) filed on paper or electronically by 30 June following the financial year. Returns must be signed by authorised officers; Assessing Officers issue Form No. 2 notices for demand; refunded amounts received on assessment must be returned to persons from whom tax was collected within thirty days; appeals proceed by Forms No. 3 and No. 4 under prescribed verification and fee procedures.