STT

Sec 10(38), CBDT provides host of exemptions

Income Tax - This article summarises the amendment brought in Section 10(38) of the Income Tax Act, 1961, the exemptions provided under the section through notification issued by the central government and discusses few situations where exemption may not be available. ...

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All About Securities Transaction Tax (STT)

Income Tax - Securities Transaction Tax (or STT in short), is the tax deduction that is applied to all your equity transactions. Introduced in the 2004 Union Budget by the then Finance Minister Mr. P Chidambaram, the deduction is to ensure that gains arising from securities transaction are taxed at source, thus preventing individuals from evading capi...

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STT rate on Delivery Based Share Transactions from 01.07.2012

Income Tax - Securities Transaction Tax (STT) on transactions in specified securities was introduced vide Finance (No.2) Act, 2004. It is proposed to reduce STT in Cash Delivery segment from the existing 0.125% to 0.1%. The proposed new rates along with details of old rates are given in the following table. ...

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Capital Gain Taxation under DTC Regime

Income Tax - Long-term capital gains :-If shares are held by the tax payer for more than 12 months, then gains arising from their sale/transfer are treated as long term capital gains. If the period of holding is lower, then such gain is treated as short term capital gains....

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Short term capital losses subject to STT can be set off against Short term capital gains not subject to STT

Income Tax - The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short Term Capital Gains (STCG) arising from sale of shares on or after 1 October 2004 on a stock exchange which are subject to Securities Transaction Tax (STT)....

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Budget – Securities Transaction Tax (STT) Reduced

Income Tax - The Finance Bill 2013-14 proposes reduction in the rates of Securities Transaction Tax (STT) in respect of certain transactions. Securities Transaction Tax (STT) on transactions in specified securities was introduced vide Finance (No.2) Act, 2004.It is proposed to amend section 98 of the Finance (No.2) Act, 2004 to reduce STT rates in the...

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Exemption to LTCG on sale of unlisted securities in IPO + STT 0.2% on Such Sales

Income Tax - To promote further depth of the capital markets through listing of companies, I propose to extend the benefit of tax exemption on long term capital gains to the sale of unlisted securities in an initial public offer. For this purpose, I propose to provide the levy of Securities Transaction Tax (STT) at the rate of 0.2 per cent on such sal...

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Budget 2012 – Govt likely to reduce STT in Budget

Income Tax - The Finance Ministry is likely to reduce Securities Transaction Tax (STT) on equity trade in the forthcoming Budget in a bid to boost the capital market despite pressure to improve revenue collection. The ministry, however, may not revisit the issue of Commodities Transaction Tax (CTT), which was aborted in 2009 after protests by industry...

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Government has no proposal to lower the securities transaction tax

Income Tax - The government has no proposal to lower the securities transaction tax (STT) for capital market transactions, SS Palanimanickam, Minister of State for Finance, told lawmakers. Traders have been lobbying for reducing the securities transaction tax, arguing that the move will help revive the lacklustre stock markets....

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Revenue department opposed abolition of Securities Transaction Tax (STT)

Income Tax - The revenue department is opposed to abolition of Securities Transaction Tax (STT) as the levy helps keep a tab on investments in markets and track flow of unaccounted funds. STT helps in overall regulation and keep a check on cost involved. The stock exchanges have been asking the Finance Ministry to abolish STT arguing that such a step ...

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Non-exempt capital loss cannot be set off against exempt capital gains

G.K. Ramamurthy Vs. JCIT (ITAT Mumbai) - S. 10 (38) inserted w.e.f. 1.10.2004 provides that long-term capital gains (LTCG) on which security transaction tax (STT) is paid shall not be included in total income. The assessee earned long term capital gain (LTCG) of Rs. 33,01,57,200 on sale of shares after 1.10.2004 in respect of which STT was...

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Short term capital losses subject to STT can be set off against Short term capital gains not subject to STT

First State Investments (Hongkong) Ltd. [A/C First State Asia Innovation & Technology Fund] Vs. ADIT (ITAT Delhi) - The Finance Act, 2004 introduced section 111A in the Income-tax Act, 1961 (the Act) prescribing a tax rate of 10 percent on Short Term Capital Gains (STCG) arising from sale of shares on or after 1 October 2004 on a stock exchange which are subject to Securities Transaction Tax (STT)....

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CBDT Press Release on Tax collections during first quarter

Press Release No.402/92/2006-MC - (06/07/2010) - Net direct tax collections during first quarters of the present fiscal (up to June 2010) stood at Rs.68,675 crore, up from Rs.59,465 crore in the same period last fiscal, registering a growth of 15.49 percent. Growth in Corporate Taxes was 21.65 percent (Rs.43,439 crore as against Rs.35,709 crore), ...

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Securities lending/borrowing Scheme of Securities and Exchange Board

Circular No. 2/2008-Income Tax - (22/02/2008) - CIRCULAR NO-2/2008-Income Tax Securities and Exchange Board of India (SEBI) vide circular No.-MRD/DoP/SE/Dep/ Cir14/2007 dated 20/12/2007, has decided to permit all classes of investors (individuals, institutional, etc.) to short sell. Further, with a view to provide a mechanism for borrowing of sec...

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Recent Posts in "STT"

Sec 10(38), CBDT provides host of exemptions

This article summarises the amendment brought in Section 10(38) of the Income Tax Act, 1961, the exemptions provided under the section through notification issued by the central government and discusses few situations where exemption may not be available. ...

Read More
Posted Under: Income Tax | ,

All About Securities Transaction Tax (STT)

Securities Transaction Tax (or STT in short), is the tax deduction that is applied to all your equity transactions. Introduced in the 2004 Union Budget by the then Finance Minister Mr. P Chidambaram, the deduction is to ensure that gains arising from securities transaction are taxed at source, thus preventing individuals from evading capi...

Read More
Posted Under: Income Tax | ,

Budget – Securities Transaction Tax (STT) Reduced

The Finance Bill 2013-14 proposes reduction in the rates of Securities Transaction Tax (STT) in respect of certain transactions. Securities Transaction Tax (STT) on transactions in specified securities was introduced vide Finance (No.2) Act, 2004.It is proposed to amend section 98 of the Finance (No.2) Act, 2004 to reduce STT rates in the...

Read More
Posted Under: Income Tax |

Exemption to LTCG on sale of unlisted securities in IPO + STT 0.2% on Such Sales

To promote further depth of the capital markets through listing of companies, I propose to extend the benefit of tax exemption on long term capital gains to the sale of unlisted securities in an initial public offer. For this purpose, I propose to provide the levy of Securities Transaction Tax (STT) at the rate of 0.2 per cent on such sal...

Read More
Posted Under: Income Tax |

STT rate on Delivery Based Share Transactions from 01.07.2012

Securities Transaction Tax (STT) on transactions in specified securities was introduced vide Finance (No.2) Act, 2004. It is proposed to reduce STT in Cash Delivery segment from the existing 0.125% to 0.1%. The proposed new rates along with details of old rates are given in the following table. ...

Read More
Posted Under: Income Tax |

Budget 2012 – Govt likely to reduce STT in Budget

The Finance Ministry is likely to reduce Securities Transaction Tax (STT) on equity trade in the forthcoming Budget in a bid to boost the capital market despite pressure to improve revenue collection. The ministry, however, may not revisit the issue of Commodities Transaction Tax (CTT), which was aborted in 2009 after protests by industry...

Read More
Posted Under: Income Tax |

Government has no proposal to lower the securities transaction tax

The government has no proposal to lower the securities transaction tax (STT) for capital market transactions, SS Palanimanickam, Minister of State for Finance, told lawmakers. Traders have been lobbying for reducing the securities transaction tax, arguing that the move will help revive the lacklustre stock markets....

Read More
Posted Under: Income Tax |

Revenue department opposed abolition of Securities Transaction Tax (STT)

The revenue department is opposed to abolition of Securities Transaction Tax (STT) as the levy helps keep a tab on investments in markets and track flow of unaccounted funds. STT helps in overall regulation and keep a check on cost involved. The stock exchanges have been asking the Finance Ministry to abolish STT arguing that such a step ...

Read More
Posted Under: Income Tax |

I-T department issues notices to Brokers, corporate investors for 'under-reporting' of income

The Income Tax department is learnt to have sent notices to over a dozen proprietary stock trading firms and corporate investors, for alleged ‘under-reporting’ of taxable income for assessment years 2006-07 and 2007-08 ....

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Posted Under: Income Tax |

17.85 Percent Increase in Direct Tax Collections During April-November Crosses 50 percent of be Target of Rs.4,30,000

During the period April-November 2010, net direct tax collections stood at Rs.2,16,628 crore, up from Rs.1,83,822 crore during the same period last fiscal, registering a growth of 17.85 percent and crossing 50 percent of the BE target of Rs.4,30,000 crore for fiscal 2010-11....

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Posted Under: Income Tax |
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