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TMI BlogNotes on clauses - Levy, collection and recovery of Commodities Transaction Tax.X X X X Extracts X X X X X X X X Extracts X X X X ..... r of computing the value of a taxable commodities transaction. The value of a taxable commodities transaction, in the case of sale of commodity derivative, shall be the price at which the commodity derivative is traded. Clause 109 of the Bill provides for collection and recovery of commodities transaction tax by a recognised association from the seller. The amount of commodities transaction tax collected by the recognised associations has to be paid to the credit of the Government by 7th day of the month following the month in which the commodities transaction tax is collected. Sub-clause (1) of clause 110 of the Bill provides for furnishing, by recognised associations (assessee) responsible for collection of commodities transaction tax, of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Bill provides for payment of simple interest at the rate of one per cent. for every month or part of a month where the commodities transaction tax collected is not credited to the account of the Central Government within the period specified in the said clause. Clause 114 of the Bill provides for imposition of penalty on the assessee responsible to collect transaction tax. The penalty would be a sum equal to the amount of commodities transaction tax not collected in a case where the assessee fails to collect the whole or any part of commodities transaction tax. In other cases, such penalty imposed will be one thousand rupees for every such failure. However, the penalty imposable under this clause shall not exceed the amount of commodi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ter or against any order passed under clause 111 or clause 112 by an Assessing Officer. This clause also contains provisions relating to time for filing appeal, etc., and provides that provisions of section 249 to 251 of the Income-tax Act, 1961, shall as far as may be, apply in such cases. Clause 120 of the Bill provides for appeal to the Appellate Tribunal against order passed by Commissioner of Income-tax (Appeals) under clause 119. This clause contains provisions relating to time and procedure for filing appeal before the Appellate Tribunal. This clause also provides that where an appeal has been filed under this clause, the provisions of sections 252 to 255 of the Income-tax Act, 1961 shall, as far as may be, apply to such appeals. Cla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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