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Securities Transaction Tax Video Lecture | Income Tax for assessment (Inter Level) - Taxation
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FAQs on Securities Transaction Tax Video Lecture - Income Tax for assessment (Inter Level) - Taxation
| 1. What is Securities Transaction Tax (STT)? |  |
Ans. Securities Transaction Tax (STT) is a tax levied on the purchase and sale of securities, such as stocks, futures, options, and mutual funds. It is a direct tax imposed by the government on the transaction value of securities and is payable by the buyer and seller.
| 2. How is Securities Transaction Tax calculated? | |
Ans. Securities Transaction Tax is calculated based on the transaction value of the securities. The rate of STT varies depending on the type of transaction. For example, the current rate for equity delivery transactions is 0.1% on the turnover, while for equity futures and options, it is 0.01% on the seller's premium.
| 3. What is the purpose of Securities Transaction Tax? | |
Ans. The purpose of Securities Transaction Tax is to generate revenue for the government and help regulate the securities market. It also acts as a deterrent for excessive speculation and short-term trading, as the tax reduces the profitability of such transactions.
| 4. Who is liable to pay Securities Transaction Tax? | |
Ans. Both the buyer and the seller are liable to pay Securities Transaction Tax. In equity delivery transactions, the buyer pays the tax, while in other types of transactions, such as futures and options, the tax is payable by the seller.
| 5. Are there any exemptions or deductions available for Securities Transaction Tax? | |
Ans. No, there are no exemptions or deductions available for Securities Transaction Tax. It is a mandatory tax that needs to be paid on the transaction value of securities. However, certain transactions, such as those on commodity derivatives or on recognized stock exchanges located in International Financial Services Centres, may be exempt from STT.
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Nov 16, 2024 Last updated |
Video Description: Securities Transaction Tax for Taxation 2024 is part of Income Tax for assessment (Inter Level) preparation.
The notes and questions for Securities Transaction Tax have been prepared according to the Taxation exam syllabus.
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