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Case law › Notifications › 2018 › Notification No. ​Notification No. 76/2018 [F. No. 225/261/2018 ITA-II]
Notification 31 October 2018

Notification No. ​Notification No. 76/2018 [F. No. 225/261/2018 ITA-II]

[To BE Published in the Gazette of INDIA, Extraordinary, Part II, section 3, Sub-section (ii)]

What this is

Notification No. ​Notification No. 76/2018 [F. No. 225/261/2018 ITA-II] was published on 31 October 2018. Its subject is [To BE Published in the Gazette of INDIA, Extraordinary, Part II, section 3, Sub-section (ii)].

This notifies a named person, body, fund or instrument for the purpose of a provision. Nothing in it changes the provision itself.

The provisions it speaks to

Left, the provision of the Income-tax Act, 1961 as the instrument itself names it. Right, the section of the Income-tax Act, 2025 that the department’s own concordance maps it to — which is where the same ground is now covered.
Under the 1961 ActNow
s.3s.3
s.43s.2, s.39, s.41, s.66

The instrument, as the Board published it

The department publishes this one only as a PDF, so the words below were read out of that PDF by machine. That reading can carry its own mistakes — a misread number, a broken line. Check the signed document before you rely on a figure in it.

[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 3rd of October, 2018

In exercise of powers conferred under clause (iii) of Explanation to 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 6000 of the Income-tax Rules, 1962, the Central Government hereby notifies Indian Commodity Exchange Limited (PAN:AABCI9479D) as a 'recognised association' for the purpose of said clause with effect from 01.11.2018 subject to fulfilment of following conditions in respect of trading in commodity derivatives, namely;

2.

(i) The Exchange shall have the approval of the Forward Markets Commission established under the Forward Contracts (Regulation) Act, 1952 (74 of 1952) (merged with Securities and Exchange Board of India vide Gazette Notification No.S.0.2630(E) dated 24.09.2015) in respect of trading in derivatives and shall function in accordance with the guidelines or conditions laid down by it; or

(ii) It shall ensure that the particulars of the client (including unique client identity number and PAN) are duly recorded and stored in its databases; or

(iii) It shall maintain a complete audit trail of all transactions (in respect of derivative market) for a period of atleast seven years on its system; or

(iv) It shall ensure that transactions (in respect of derivative market) once registered in the system are not erased;

(v) It shall ensure that the transactions (in respect of derivative market) once registered in the system are modified only in cases of genuine error (as mentioned in Circular of SEBI dated 19.08.2016 in SEBI/HO/cdMRD/DMP/CIR/P/2016/73) and maintain data regarding all transactions (in respect of derivative market) registered in the system which have been modified and submit a monthly statement in Form No. 3BC to the Director General of Income-tax (Intelligence and Criminal Investigation), New Delhi within fifteen days from the last day of each month to which such statement relates.

This notification shall remain in force:

a. until the approval granted by the Securities and Exchange Board of India is withdrawn or expires; or

b. if any of the conditions stipulated in para above, are violated; or

c. under exercise of power vested in Central Government under sub-rule (5) of rule 6000 of the Income-tax Rules, 1962, this notification shall stand rescinded on 31.10.2021 with liberty to the exchange to file a fresh application for approval under clause (e) of the proviso to sub-section (5) of section 43 of the Act for the subsequent period.

whichever is earlier.

(Rajarajeswari R.)
Under Secretary (ITA-II), CBDT

Notification No.ii/2018
(F. No. 225/261/2018 ITA-II)

To
The Manager,
Government of India Press,
Mayapuri, New Delhi

Copy forwarded to: -

1. PPS to FM/Dir(FMO)/OSD to MoS(R)/PPS to RS/PPS to Chairman, CBDT and all Members, CBDT.
2. The applicant, Indian Commodity Exchange Limited, Mumbai.
3. Securities and Exchange Board of India, Mumbai
4. DGIT(I&CI), New Delhi
5. All Pr.CIT/DGsIT for kind information.
6. Pr.CIT-4, Delhi
7. ITCC, CBDT (4 copies)
8. Pr.OGIT (Systems), New Delhi, for placing on the website: incometaxindia.gov.in.
9. Guard File.

(Rajarajeswari R.)
Under Secretary (ITA-II), CBDT

What it names

Forms it names. Form No. 3BC

Rules it names. Rule 6000 of the Income-tax Rules, 1962. The 1962 Rules were replaced by the Income-tax Rules, 2026, which renumbered nearly everything: a rule number quoted here almost never means the same rule today.

On the same provision

Other instruments in this library that name the same provision of the 1961 Act. They are not necessarily still operative, and a later one may have replaced an earlier one without saying so.

← Notification No. 77/2018 [F. No. 370149/194/2017-TPL] / SO 5608(E)  ·  Notification No. 75/2018 [F.No.203/26/2018/ITA-II] →

What a notification is. A notification is made under a power the Act itself gives, and within that power it is law — unlike a circular, which only binds the department. Its reach is the reach of the enabling provision and no wider, and the date it carries decides from when it works.

Source: the Income Tax Department’s own published text — its page for this instrument.