The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.. In the budget for 2013-14 Securities Transaction Tax on equity futures has been cut from 0.017 per cent to 0.01 per cent. Securities Transaction Tax (STT) is a type of financial transaction tax levied in India on transactions done on the domestic stock exchanges. Off-market share transactions are not covered under STT. DIRECT TAX; INDIRECT TAX; DIRECT TAX. The addition of value in each of the individual’s hands is subject to tax. The objective behind the levy is to mitigate tax evasion as the same is taxed at source. Direct tax can help in reducing inflation, whereas indirect tax may enhance inflation. The most prominent point about securities transaction tax is that STT charge is applicable only on share transactions made through a recognized stock exchange in the country. 6,720 crore. Lastly, there’s a securities transaction tax charged on all transactions carried out in a stock exchange. Security Transaction Tax It is governed by Finance Act. In tax parlance, this is categorised as a direct tax.. Here is the list of main indirect taxes in India with details. Commodities Transaction Tax It is governed by finance act. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other financial accounts. If a PT falls within one of the statutory exemptions under IRC 4975(d), the excise tax may not apply. On 20th September 2019, as anticipated, the all-powerful Goods & Services Tax Council (hereinafter ‘Council’), in its 37th Meeting held in Goa, took certain key decisions. ... SECURITIES TRANSACTION TAX. Securities Transaction Tax (STT) STT is a tax collected on all stock exchange transactions. The additional marketing platform does not have a transaction tax. A PT means any direct or indirect transaction described in IRC 4975(c)(1) between the plan and a DP. These taxes cannot be transferred to any other entity or person. This tax is levied on stock market and securities trading. In 2013-14 security transaction tax (STT) was expected to yield Rs. Securities transaction tax is a direct tax and is levied and collected by the central government of India. 6. The rates of STT are prescribed by the Central / Union Government through its Budget from time to time. Indirect Taxes in India: Receipts from indirect taxes are a very important source of tax revenue for the Central Government in India. VAT is a multi-point tax on each of the supply chain companies, in plain words. Securities Transaction Tax: STT is a kind of turnover tax where the investor has to pay a small tax on the total consideration paid or received in a share transaction. 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