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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« News Headlines »
 How to prepare to file ITR 1 for FY2017-18
 Step-by-step guide on how to fill ITR1
 6 steps to file income tax return online
 Want to file your income tax return online? Here’s the first step
 Good news for income tax payers! Taxmen can’t deny assessee’s legitimate claim in revised return, rules ITAT
 Can file revised return after notice issued by I-T ITAT
 How to file income tax returns online if you don't have Form 16 ITR 2018-19
 These 5 websites can help you file your ITR Income tax e-filing
 Here's why some retirees no longer have to file a tax return
 How to file different categories of ITR forms online Income tax e-filing
 Here are other documents you need to file online ITR Got your Form-16 for FY18?

CTT to come into force by July
May, 07th 2008

The commodities transaction tax (CTT) is likely to come into force within the next two months as the details, including the collection, payment and the procedures for filing returns, will take some more time to be firmed up.

The CTT, which will be administered by the Central Board of Direct Taxes (CBDT), will be levied at the rate of 0.017 per cent on sellers of commodity futures as well as options. Purchasers of options, who exercise them, will pay 0.125 per cent on the basis of per transaction value.

Commodities exchanges and traders lobbied hard for the tax, the only new one introduced in Budget 2008-09, to be withdrawn or relaxed at the very least.

Last week, after the Finance Bill 2008 was approved by Parliament, it became clear that the finance ministry is in no mood to oblige.

The Bill is expected to receive the President's assent in a few days from now, making all its provisions law.

However, a notification spelling out the implementation of the CTT will only be issued in a month or two after the guidelines are finalised, a Finance Ministry official said. It may be recalled that the Securities Transaction Tax (STT), on which the CTT is modelled, had also taken three months time to come into force after being announced in 2004.

Staffers at India's 24 commodity exchanges, who will collect the tax from traders, will also be sensitized about various aspects of the tax. The monthly collections will be deposited with the central exchequer by the first week of the subsequent month. The total turnover in these exchanges stood at over Rs 40 lakh crore in 2007-08. The Income Tax department expects that the tax would fetch around Rs 5,000 crore revenue in the first year of its impelmentation.

Data captured through the CTT is likely to be mined by the department to sniff out potential tax evasion. 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - We Bring IT. Offshore software outsourcing company. We use Global Delivery Model (GDM) and believe in Follow The Sun principle

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