Commodities Transaction Tax (CTT) Introduced in a Limited Way; Agricultural Commodities will be Exempt

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ommodities Transaction Tax (CTT) Introduced in a Limited Way; Agricultural Commodities will be Exempt <br>Budget<br>Dated:- 28-2-2013<br><BR>The Finance Bill 2013 proposes to introduce Commodities Tra....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....nsaction Tax(CTT) in a limited way. Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that CTT shall be levied on non-agricultural commodities future con....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....tracts at the same rate as on equity futures that is at 0.01 percent of the price of the trade. The trading in commodity derivatives will not be considered as a 'speculative transaction' and CTT shall....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... be allowed as deduction if the income from such transaction forms part of business income. Mr. Chidambaram also said that there is no distinction between derivative trading in the securities market ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....and derivative trading in the commodities market, only the underlying asset is different. Hence, it is time to introduce CTT in a limited way. However, agricultural commodities will be exempt. *** ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... DSM/RC/nb/33 (Release ID :92748)<BR> News - Press release - PIB....