https://www.taxtmi.com/acts?id=17152 The Bill establishes a levy and collection regime for Commodities Transaction Tax on sales of commodity derivatives traded in recognised associations, defining taxable value as the traded price and designating recognised associations as responsible for collection and remittance. It requires prescribed returns, allows Assessing Officers to compel filing and to assess within a limitation period, permits rectification of apparent mistakes with hearing rights, and imposes interest and specified penalties subject to a reasonable cause defence. Procedural, recovery and appellate provisions from the income tax framework are made applicable, and Central Government rulemaking and transitional powers are provided. en-us Fri, 01 Mar 2013 17:05:16 +0530 Sat, 02 Mar 2013 15:49:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/acts?id=17152 The Bill establishes a levy and collection regime for Commodities Transaction Tax on sales of commodity derivatives traded in recognised associations, defining taxable value as the traded price and designating recognised associations as responsible for collection and remittance. It requires prescribed returns, allows Assessing Officers to compel filing and to assess within a limitation period, permits rectification of apparent mistakes with hearing rights, and imposes interest and specified penalties subject to a reasonable cause defence. Procedural, recovery and appellate provisions from the income tax framework are made applicable, and Central Government rulemaking and transitional powers are provided. Act-Rules Bills Fri, 01 Mar 2013 17:05:16 +0530 https://www.taxtmi.com/acts?id=17152