Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: TDS :: VAT RATES :: cpt :: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: empanelment :: due date for vat payment :: ACCOUNTING STANDARDS :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT Audit :: form 3cd
 
 
« News Headlines »
 GST Council fails to break deadlock over indirect tax regime, next meet on Dec 11 and 12 to hammer out differences
 Invoking Writ Jurisdiction For Income Tax Matters
 How to file income-tax returns online
 How Income Tax Returns Are Scrutinised
 All About New Income Disclosure Scheme to make Demonetisation successful
 Your deposit may draw income tax notice
 Accepting payment under IDS 2016
 New disclosure scheme could see 50% tax and 4-year limit on cash use for unaccounted deposits
 Pay 50% tax on unaccounted deposits, or 85% if caught, says Modi government
 Deadline to pay property tax in old currency extended
 Cabinet clears amendments to Income Tax Act

Day traders to abstain from trading on Tuesday
April, 01st 2008

Day traders contribute up to 40-50 per cent of the daily turnover in the market.


Day traders would abstain from trading on Tuesday to protest the Budget proposal on Securities Transaction Tax (STT), which would make their activity in the stock market unattractive.

The Budget proposes to withdraw the STT benefit under Section 88 E disallowing STT as deductible expenditure while computing income from business. Day traders or jobbers do buying and selling with a view to take advantage of the short-term price movements during the day. The STT provisions in the Union Budget 2008 will lead up to 70 per cent of the arbitrageurs income flowing out in forms of various taxes, said Mr Rajesh Baheti, Managing Director of Crossseas Capital Services. There are around 50 specialist broking firms in Mumbai whose main job is arbitrage in the stock market, arbitrage and non-delivery based market making activity that contributes to the liquidity in the market.

They contribute up to 40-50 per cent of the daily turnover in the market.

Already we were paying Rs 50-60 as STT on income of Rs 100 but now with the fresh provisions, we will be paying additional Rs 15-16 approximately on Rs 40 income, Mr Baheti said. This kind of activity is confined to Mumbai, Delhi, Kolkata, Ahmedabad and now some desks has also opened in Jaipur, he said. According to analyst around 10,000 people were engaged in day trading.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Application Management Solutions Application Management System Application Management Software System Application Management Development Application Management Software Development

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions