« Top Headlines » Open DEMAT Account in 24 hrs  How to Change Current Period in Tally Prime Step-by-Step Guide for Users  Global Payroll Management with Tally Prime: How International Businesses Use It Beyond India  How to Manage B2B HSN Codes in Tally Prime: A Complete Guide for Businesses  How to Check Business Revenue in Tally Prime: A Complete Step-by-Step Guide  MSME Payment Rule in Tally Prime: Understanding the Law and Its Impact on Businesses in 2025 The MSME (Micro, Small and Medium Enterprises) Payment Rule is a legal framework introduced under th  Multipurpose Empanelment Form (MEF) 2025 26 Meaning, Purpose, and How to Manage It in Tally Prime  GST Appellate Tribunal (GSTAT) Structure, Powers, and Its Relevance in Tally Prime Implementation  How Tally Prime Supports the Real Estate & Construction Industry in India  Comparison Between Tally Prime 6.1 and Tally Prime 6.2  How Tally Prime Renewal Helps Save My Data  Where to Buy Tally Prime 7.0 at the Best Rates Possible «  e-payment of direct taxes may be made mandatory... The Economics of IFRS... » CBDT plans to nab tax evaders with STT December, 12th 2007 Securities Transaction Tax (STT) is all set to become an effective tool for generating intelligence about income made from market operations. The Central Board of Direct Tax is examining ways of using the STT data on the lines of annual information return (AIR) to nab tax evaders. The board had, earlier this year, set up an internal committee to examine how STT data could be used to generate intelligence on tax evaders. The committee has submitted its recommendations which are being examined now, sources said. The income tax department already gets information on seven financial transactions under the AIR system. The transactions covered include purchase or sale of property over Rs 30 lakh, credit card spend of over Rs 2 lakh in a year, investments of over Rs 2 lakh in mutual funds, Rs 5 lakh in debenture/bonds, RBI bonds or bonds by company, Rs 1 lakh in shares, cash deposit of Rs 10 lakh in savings account. The data will be very effective since it carries details of permanent account number, sources said. Market regulator Sebi has made it mandatory for all demat account holders to have a PAN. In fact, the government made PAN mandatory for all security market transactions in the last budget.The data contained in STT returns is quite useful for verification of the genuineness of the transactions carried by investor or trader with PAN serving as a link. With the boom in stock market attracting many more, the income tax department feels that STT data could turn out to be an effective intelligence tool to track tax evaders. Finance minister P Chidambaram had introduced STT in the Union Budget 2004. All investors in the stock market pay a fixed securities transaction tax of 0.125% for every transaction in cash for delivery of shares. However, transactions in derivatives trading attract lesser STT of around 0.017%. STT collections registered a growth of 57.61 % to Rs 3,783 crore in April-October 2007