Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
« Top Headlines »
Open DEMAT Account in 24 hrs
 How To File ITR Online - Step by Step Guide to Efile Income Tax Return, FY 2023-24 (AY 2024-25)
 Old or new tax regime for TDS on salary? This post-election 2024 event will impact your tax planning
 What Are 5 Heads Of Income Tax?
 Income Tax Dept releases interim action plan for FY25 on tax collection, refund approvals
  Income Tax Return: 5 lesser-known tax-saving tips from Section 80
 Income Tax Return: 5 lesser-known tax-saving tips from Section 80
 Why you need not rush to file your ITR immediately
 Income tax returns: ITR-1, ITR-2, ITR-4 forms for FY 2023-24 available for e-filing
 Section 80DDB tax benefits for specified illnesses: 5 things to know
 Income tax slabs FY 2024-25: Five tips to help taxpayers decide between old and new income tax regimes
 ITR-1, ITR-2, ITR-4 forms for FY 2023-24 (AY 2024-25) available now on e-filing income tax portal

Commodity transaction tax yet to be notified
February, 16th 2009

Almost a year after announcing the Commodity transaction tax (CTT), to be levied on options and futures of commodities, the government is yet to notify it, though it is going to present the interim budgeton Monday.

The government had introduced the CTT of 0.017 per cent on the lines of the securities transaction tax (STT) in the budget of 2008-09. While presenting the budget for 2008-09, Chidambaram had said, "Transaction in commodity futures has come of age. Hence, I propose to introduce CTT on the same lines as STT on options and futures." It was also part of the Finance Bill passed by Parliament.

Soon after the announcement, the tax drew the ire of traders, who said the tax will kill the futures market and will bring down investor participation.

According to experts, the CTT does not exist anywhere in the world except Taiwan, and even there commodity futures trading is conducted through the stock exchange, where they contribute only 0.03 per cent in the turnover of the exchange. They also pointed out that in India, taxes on commodities are the highest. In fact, after income tax, bulk of revenue comes from taxes on commodities.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2024 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting