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Central Board of Direct Taxes (CBDT), have issued a notification prescribing the rule i.e. 6DDA of the Income-tax Rules, setting out the conditions which a stock exchange is required to fulfill to be recognized for the purposes of clause 5 of section 43 of the Income-Tax Act. On being recognized by CBDT, a transaction in respect of trading in derivatives, carried out in such a stock exchange shall not be treated as a speculative transaction.
A stock exchange can make an application under rule 6DDB of the income-tax Rules for notification as a recognized stock exchange to Member (Legislation), CBDT, Department of Revenue, Ministry of Finance, North Block, New Delhi.
BSC/MG/NSE
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