Securities Transaction Tax (1st Amendment), Rules, 2022

Jan 20, 2022 | by TeamLease RegTech Legal Research Team

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Finance & Taxation ComplianceThe Central Board of Direct Taxes (CBDT) January 18, 2022 has issued The Securities Transaction Tax (1st Amendment), Rules, 2022 to further amend The Securities Transaction Tax Rules, 2004. This shall come into force on January 18, 2022.

The following amendments has been made namely: -

• Rule 5 which specify “Person responsible for collection and payment of securities transaction tax in case of a Mutual Fund”, Rule 5A has been inserted namely: -

“Person responsible for collection and payment of securities transaction tax in case of Insurance Company”

• Rule 6 which specify “Payment of Securities Transaction Tax” the following has been substituted namely: -

“Payment of securities transaction tax.- Every recognised stock exchange, or the trustee of every Mutual Fund or such other person managing the affairs of the mutual fund as may be duly authorised by the trustee in this behalf, or the managing director or a whole-time director, as defined in clauses (54) and (94) of section 2 of the Companies Act, 2013 (18 of 2013), duly authorised by the Board of Directors of an insurance company, who is required to collect and pay securities transaction tax under section 100 of the Act, shall pay the amount of such tax to the credit of the Central Government by remitting it into any branch of the Reserve Bank of India or of the State Bank of India or of any authorised bank accompanied by a securities transaction tax challan”

• Rule 8 which specify “Return by whom to be signed” the following sub-rule 8(c) shall be inserted namely: -

“In the case of an insurance company by the managing director or a whole-time director as defined in clauses (54) and (94) of section 2 of the Companies Act, 2013 (18 of 2013) a duly authorised by the Board of Directors of such company in this behalf”

 

[Notification No. G.S.R. 25(E)]

 


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