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Rule 6DDB of Income Tax Rules 1962: Notification of a recognised stock exchange - Section 43(5)

Rule 6DDB - Notification of a recognised stock exchange for the purposes of clause (d) of proviso to clause (5) of section 43

(1) An application for notification of a stock exchange as a recognised stock exchange for the purposes of clause (d) of proviso to clause (5) of section 43 may be made to the Member (L), Central Board of Direct Taxes, North Block, New Delhi - 110001.

(2) The application referred to in sub-rule (1) shall be accompanied with the following documents, namely :—
(i) approval granted by Securities and Exchange Board of India for trading in derivatives;
(ii) up-to-date rules, bye-laws and trading regulations of the stock exchange;
(iii) confirmation regarding fulfilling the conditions referred to in clause (ii) to clause (v) of rule 6DDA;
(iv) such other information as the stock exchange may like to place before the Central Government.
(3) The Central Government may call for such other information from the applicant as it deems necessary for taking a decision on the application.

(4) The Central Government, after examining the information furnished by the stock exchange under sub-rule (2) or sub-rule (3), shall notify the stock exchange as a recognised stock exchange for the purposes of clause (d) of proviso to clause (5) of section 43 or issue an order rejecting the application before the expiry of four months from the end of the month in which the application is received.


(5) The notification referred to in sub-rule (4) shall be effective until the approval granted by the Securities and Exchange Board of India is withdrawn or expired, or the notification is rescinded by the Central Government.



Extra Notes for Readers:

- Rule 6DDB was introduced by the Income Tax (Twentieth Amendment) Rules, 2005, w.e.f. 01-07-2005



Reference/Source: Check at Income Tax site for latest version of the Rules - link

This page was last updated on 17th October 2016.
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