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The Central Government notifies Indian Commodity Exchange Limited as a recognised association for derivative trading under the Income-tax Act. The entity must record client particulars, maintain an audit trail for seven years, prevent transaction erasure, and submit a monthly statement in Form No. 3BC for modified transactions within fifteen days from the month end. The recognition remains in force until SEBI approval expires or withdraws, conditions are violated, or until October 31, 2018.
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(TO BE PUBLISHED IN THE GAZETTE OF INDIA, EXTRAORDINARY, PART II, SECTION 3, SUB-SECTION (ii))
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
NOTIFICATION
New Delhi, the 17th of October, 2017
In exercise of the powers conferred by clause (iii) in the Explanation of clause (e) of the proviso to sub-section (5) of Section 43 of the Income-tax Act, 1961 (43 of 1961) read with sub-rule (4) of Rule 6DDD of the Income-tax Rules, 1962, the Central Government hereby notifies Indian Commodity Exchange Limited (PAN: AABCI9419D) as a 'recognised association' for the purpose of said clause with effect from the date of publication of this notification in the Official Gazette.
whichever is earlier.
The Explanatory Memorandum as appended in Annexure
Notification No. 91/2017
(F. No. 225/216/2017-ITA-II)
(Ankita Pandey)
Under Secretary (ITA-II), CBDT
To
The Manager,
Government of India Press,
Mayapuri, New Delhi
Copy forwarded to:
(Ankita Pandey)
Under Secretary (ITA-II), CBDT
Annexure
"Explanatory Memorandum in respect of Notification S.O. [unclear in source] dated [unclear in source]
An 'eligible transaction' in respect of trading in derivatives carried out on Indian Commodity Exchange Limited (PAN Number: AABCI9419D) with effect from [unclear in source] shall not be deemed to be speculative transaction. The expression 'eligible transaction' is defined in clause (ii) of the Explanation of clause (e) of the proviso to sub-section (5) of section 43 of the Income-tax Act, 1961.
