COMMODITIES TRANSACTION TAX RULES, 2013
Notification No.:- 46/2013
Dated:- 19/06/2013
1. Short title and commencement ─ (1) These rules may be called the
Commodities Transaction Tax Rules, 2013.
(2) Rules into
force on the 1st day of July, 2013.
2. Definitions ─ (1) In these rules, unless the context otherwise
requires,-
(a) “Act” means the Finance
Act, 2013 (17 of 2013);
(b) “authorised bank”
means any bank as may be appointed by the Reserve Bank of India as its agent
under the provisions of sub-section (1) of section 45 of the Reserve Bank of
India Act, 1934 (2 of 1934);
(c) “Form” means a Form
set out in the Appendix to these rules.
(2) Words and
expressions used and not defined in these rules but defined in the Act, the Forward
Contracts (Regulation) Act, 1952 (74 of 1952), the Income-tax Act, 1961 (43 of 1961),
or the rules made there under, shall have the meanings respectively assigned to
them in those Acts and rules.
3. Agricultural commodities ─ For the purposes of clause (7) of
section 116 of the Act, the agricultural commodities shall be the following,
namely:-
(i) Almond
(ii) Barley
(iii) Cardamom
(iv) Castor Seed
(v) Channa/Gram
(vi) Copra
(vii) Coriander/Dhaniya
(viii) Cotton
(ix) Cotton seed
Oilcake/Kapasia Khali
(x) Guar Seed
(xi) Isabgul Seed2
(xii) Jeera (Cumin Seed)
(xiii) Kapas
(xiv) Maize Feed
(xv) Pepper
(xvi) Potato
(xvii) Rape/Mustard Seed
(xviii) Raw Jute
(xix) Red Chilli
(xx) Soya bean/seed
(xxi) Soymeal
(xxii) Turmeric
(xxiii) Wheat
4. Rounding off value of taxable commodities transaction, commodities
transaction tax, etc. ─ the value of taxable commodities transaction and
the amount of commodities transaction tax, interest and penalty payable, and
the amount of refund due, shall be rounded off to the nearest rupee and, for
this purpose, where such amount contains a part of a rupee consisting of paisa
then, if such part is fifty paise or more, it shall be increased to one rupee
and if such part is less than fifty paise it shall be ignored.
5. Payment of commodities transaction tax ─ Every recognised
association, who is required to collect and pay commodities transaction tax
under section 119 of the Act, shall pay the amount of such tax to the credit of
the Central Government by remitting it into any branch of the Reserve Bank of
India or of the State Bank of India or of any authorised Bank accompanied by a
commodities transaction tax challan.
6. Return of taxable commodities transactions ─ (1) The return of
taxable commodities transactions required to be furnished under sub-section (1)
of section 120 of the Act shall be in Form No. 1, verified in the manner
indicated therein, and may be furnished in any of the following manners,
namely:-
(i) furnishing the
return in paper form;
(ii) furnishing the
return electronically under digital signature:
Provided that where the
return is furnished in the manner provided in clause (i) the particulars
required to be furnished in the Schedules to Form No. 1 referred to in sub-rule
(1) shall be furnished on a computer media, in accordance with the following,
(a) the computer media
conforms to the following specifications:-
(i) CD ROM of 650 MB
capacity or higher capacity; or
(ii) Digital Video Disc;
(b) if the data relating
to the Schedules are copied using data compression or backup software utility,
the corresponding software utility or procedure for its decompression or
restoration shall also be furnished; and
(c) the return shall be
accompanied by a certificate regarding clean and virus free data.
(2) The return of
taxable commodities transaction entered into during a financial year shall be
furnished on or before the 30th June immediately following that financial year.
(3) The Director-General
of Income-tax (Systems) shall specify the procedures, formats and standards for
ensuring secure capture and transmission of data and shall also be responsible
for evolving and implementing appropriate security, archival and retrieval
policies in relation to furnishing the returns in the manners specified in
clause (ii) of sub-rule (1).
7. Return by whom to be signed ─ The return under sub-section (1) of
section 120 of the Act shall be signed and verified in the case of a recognised
association, ─
(i) being a company, by
the managing director or a director thereof; and
(ii) in any other case,
by the principal officer thereof.
8. Time limit to be specified in the notice calling for return of taxable
commodities transaction ─ Where an assessee fails to furnish the return
under sub-section (1) of section 120 of the Act within the time specified in
sub-rule (2) of rule 6, the Assessing Officer may issue a notice to such person
requiring him to furnish, within thirty days from the date of service of the
notice, a return in the Form prescribed in rule 6 and verified in the manner indicated
therein.
9. Notice of demand ─ Where any tax, interest or penalty is payable in
consequence of any order passed under the provisions of Chapter VII of the Act,
the Assessing Officer shall serve upon the assessee a notice of demand in Form
No. 2 specifying the sum so payable.
10. Prescribed time for refund of tax to the person from whom such amount
was collected ─ Every assessee, in case any amount is refunded to it on
assessment under sub-section (2) of section 121 of the Act, shall, within
thirty days from the date of receipt of such amount, refund the same to the
concerned person from whom it was collected.
11. Form of appeal to Commissioner of Income-tax (Appeals) ─ (1) An
appeal under sub-section (1) of section 129 of the Act to the Commissioner
(Appeals) shall be made in Form No. 3.
(2) The form of appeal
prescribed by sub-rule (1), the grounds of appeal and the form of verification
appended thereto relating to an assessee shall be signed and verified by the person
who is authorised to sign the return of taxable commodities transactions under
rule 7, as applicable to the assessee.
12. Form of appeal to Appellate Tribunal ─ An appeal under sub-section
(1) or subsection (2) of section 130 of the Act to the Appellate Tribunal shall
be made in Form No. 4, and where the appeal is made by the assessee, the form
of appeal, the grounds of appeal and the form of verification appended thereto
shall be signed by the person specified in rule 7.
Regards
CA. Mona Singhal
Partner
Arpit Gupta & Associates
Chartered Accountants
701, Nirmal Tower,
26, Barakhamba Road,
Connaught Place, Delhi-110001
Mobile:- +91-9873082769
Website: www.caaga.co.in
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