« Top Headlines » Open DEMAT Account in 24 hrs  Mock Test Papers Series - I & II for Students appearing in CA Foundation January 2027 Examination.  Income Tax Rules 2026: CBDT Introduces Revised Form 161 for Penalty Waiver, Clarifies Misreporting Categories and Taxpayer Relief  ITR Filing and Income Tax Audit Deadline Extended: 5 Critical Things Taxpayers Must Know  Filing Belated ITR for AY 2026-27? Know Which Losses You Can Carry Forward and Which You May Lose  CBDT Extends Tax Audit Report Deadline to October 21, ITR Filing Last Date to November 21 for AY 2026-27  CBDT Extends AY 2026-27 ITR Filing Deadline for Tax-Audit Cases: New Dates and Key Compliance Details  Foreign Assets Missing From Your ITR? Income Tax Department Opens One-Time Disclosure Window  Tax Audit Deadline September 30: Why AIS, TDS and GST Figures May Not Match Your ITR and What Taxpayers Should Do  Tax audit deadline September 30: Common mistakes taxpayers should avoid  Your ITR says ‘verified’, but the refund hasn’t arrived? 5 reasons why your money could be stuck  Missed the ITR Deadline but TDS Refund Is Due? Here’s How You Can Still Claim Your Money «  Tax return preparers get off to shaky start... M'lore Central Excise collects Rs 3913 cr tax... » Watch out! STT, VAT data under I-T lens July, 31st 2007 If you are planning to buy a large quantity of shares in a blue-chip company, better get your account books right. The government may soon use the security transaction tax (STT) data to track cases of income tax evasion. The Central Board of Direct Taxes (CBDT) has already set up a committee to find out how best the STT data, linked to PAN numbers of individual investors, can be used for IT purposes, sources in North Block told said. The Board may soon set up a similar committee to analyse VAT (Value Added Tax) data as well. Significantly, the committee is examining as high as 66 gigabytes (GB) of STT data, accumulated during FY 06 and FY 07. It is expected to submit its report within a month. Securities Transaction Tax or turnover tax, as is generally known, is levied on purchase or sale of an equity share or an unit of an equity-oriented fund. In addition, the investors need to pay short term capital gain tax at the rate of 10% if he sells his share within one year. A senior CBDT official said that the idea behind analysing the STT or VAT data would be to find out how these information can be loaded into individuals PAN Ledger Account, which like a bank account, would reflect his or her financial transactions. Finally, we will have a PAN Ledger Account of each tax payer. We are sitting on a huge STT and VAT data. We are in the process of analysing them so as to link them to ones earnings, he said. Amarjeet Singh, a tax expert and partner, KPMG, said that such a move might help in improving the nations tax to GDP ratio. Indias tax collection vis--vis GDP is mere 12 to 13% which is much below 22 to 23% recorded in the developed countries. By analysing existing data from STT or VAT, the government will be able to widen the tax base and restrain tax evasion, he said.