« Top Headlines » Open DEMAT Account in 24 hrs  New Income Tax Act: ITR forms to be issued prior to FY28, says govt  GSTR-9C Explained: Turnover Limit, Due Date, Statement Format & How to Prepare It in Tally Prime (2025 Update)  Will Income Tax Department release new ITR forms by January 2026? Finance Ministry says this  The Government of India has strengthened MSME protection through strict payment rules, ensuring that Micro & Small Enterprises receive timely payments from buyers. Under the MSME Development Act (MSMED Act), 2006, buyers must make payments within:  ITR Refund Delays in India: Why They Happen & How to FastTrack Your Refund in 2025  ITR Refund Delay: From Bank Errors To Department Checks, 5 Big Reasons Your Refund Gets Stuck  Income Tax Slabs 2025: New Vs Old Regime; Which One Is Better For You For FY2025-26?  Seamless Integration: How Tally Prime Connects Businesses to the Digital Economy  Govt to notify new ITR forms, Income Tax Act 2025 rules by January 2026: CBDT chief  Digital Efficiency for MSMEs: The Tally Prime Advantage  5 Ways Tally Prime Reduces Cost and Boosts Productivity for Startups «  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.