Feedback   New User   Login      
Tax Management India. Com TMI - Tax Management India. Com
Acts / Rules Notifications Circulars Tariff/ ITC HSN Forms Case Laws Manuals Short Notes Articles SMS News Highlights
        Home        
Extracts
Home List
← Previous Next →

Budget STT be considered as advance income-tax like TDS

Budget - By: - CA DEV KUMAR KOTHARI - Dated:- 6-2-2016 - Budget suggestion: Security transaction tax (STT) should be considered as advance income-tax, like TDS ,and income be taxed, with some specified period of holding, normal and special rates of i .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

), short term capital gains (assets held for more than 60 days but less than 365 days) long-term capital gains (assets held for365 day or more). Security transaction tax (STT) was introduced to simplify taxation of income from security transactions, .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

xemption or low rate of tax has also caused suspicion in mind of tax authorities. Unfortunately tax authorities are using authority in abusing and blatant allegations on tax payers by use of words like you have evaded tax on income by way of capital .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

d short-term capital gains are taxed at lower rate of tax. Therefore, in fact there is taxation by way of STT which is in lieu of income tax. STT is payable even when there is no profit, e.g. when security is purchased, STT is paid even if at the tim .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

ins on certain type of securities long-term capital gains are exempted. However, such exemption is taxed otherwise by disallowing expenses. In case of traders STT is allowed as an expenditure only in respect of transactions which resulted into busine .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

by tax authorities because persons liable to collect and pay STT are not many and all transactions are recorded in computerized and mostly on line basis. STT should be considered as income-tax paid and credit for STT should be allowed to all assesse .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

id on behalf of assessee and allowable credit against income-tax installments of advance tax just like case of TDS. Rate of STT may be increased slightly say about 1.25 times from present rates. In case there is no PAN, a higher rate may be applied ( .....

X X X X X X X

Extract - Part text only
Click here to Access Full Contents

X X X X X X X

 

 

 

 

 

Discussion Forum
what is new what is new
 


Share:            

|| Home || About us || Feedback || Contact us || Disclaimer || Terms of Use || Privacy Policy || TMI Database || Members ||

© Taxmanagementindia.com [A unit of MS Knowledge Processing Pvt. Ltd.] All rights reserved.

Go to Mobile Version