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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 income-tax. Synopsis: STT may be considered as advance tax. Rates may be increased by 1.5 times and double of rate may be applied to persons not having PAN. Incomes of different kind may be assessed as trading profit (assets held for less than 60 days .....

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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 gains, just based on hearsay and presumptions and bias. Many proceedings have been started for reassessment, revision etc. even in case of small tax assesses. STT is in lieu of tax on income, When STT is levied long-term capital gains are exempted an .....

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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 business profit or gain and not in loss resulting transactions. So this computation is a very complex, if properly made. As a result many small traders do not claim STT. Simplification of STT vis a vis Income-tax: STT is simple in collection and monitoring .....

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