India - Income Tax Act 2010 - Saarc

SECURITIES TRANSACTION TAX*CHAPTER VII OF FINANCE (NO. 2) ACT, 2004SECURITIES TRANSACTION TAXExtent, commencement and application.96. (1) This Chapter extends to the whole of India.(2) It shall come into force on such date as the Central Government may, bynotification in the Official Gazette, appoint. 1(3) It shall apply to taxable securities transactions entered into on or after thecommencement of this Chapter.Definitions.97. In this Chapter, unless the context otherwise requires,—(1) “Appellate Tribunal” means the Appellate Tribunal constituted undersection 252 of the Income-tax Act, 1961 (43 of 1961);(2) “Assessing Officer” means the Income-tax Officer or Assistant Commissionerof Income-tax or Deputy Commissioner of Income-tax orJoint Commissioner of Income-tax or Additional Commissioner ofIncome-tax who is authorised by the Board to exercise or perform allor any of the powers and functions conferred on, or assigned to, anAssessing Officer under this Chapter ;(3) “Board” means the Central Board of Direct Taxes constituted underthe Central Boards of Revenue Act, 1963 (54 of 1963);(4) “derivative” has the meaning assigned to it in clause (aa) of section 2of the Securities Contracts (Regulation) Act, 1956 (42 of 1956);(5) “equity oriented fund” means a fund—(i) where the investible funds are invested by way of equity sharesin domestic companies to the extent of more than 2 [sixty-five] percent of the total proceeds of such fund; and(ii) which has been set up under a scheme of a Mutual Fund:Provided that the percentage of equity shareholding of the fund shallbe computed with reference to the annual average of the monthlyaverages of the opening and closing figures;(6) “Mutual Fund” means a Mutual Fund specified under clause (23D) ofsection 10 of the Income-tax Act, 1961 (43 of 1961) ;1. 1st October, 2004 vide SO 1058(E), dated 28-9-2004.2. Substituted for “fifty” by the Finance Act, 2006, w.e.f. 1-6-2006.*SEE SECURITIES TRANSACTION TAX RULES, 2004.SEE ALSO CIRCULAR NO. 2/2008, DATED 22-2-2008. FOR DETAILS, SEE TAXMANN’S MASTERGUIDE TO INCOME-TAX ACT.4.5