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of <h1>India Amends Income-Tax Rules: New Conditions for Recognized Associations Trading Derivatives u/r 6DDC and Rule 6DDD.</h1> The Government of India, through the Central Board of Direct Taxes, issued the Income-tax (9th Amendment) Rules, 2013, amending the Income-tax Rules, 1962. The amendment introduces Rule 6DDC, specifying conditions for a recognized association to be notified for trading in derivatives under section 43 of the Income-tax Act, 1961. These conditions include approval from the Forward Markets Commission, maintaining client records and audit trails, and submitting monthly statements in Form No. 3BC. Rule 6DDD outlines the application process for recognition, requiring necessary documentation and allowing the Central Government to request additional information. The notification remains effective until approval is withdrawn or rescinded.
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