CBDT amends Securities Transaction Tax Rules to include Insurance Cos
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- Last Updated on 21 January, 2022
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Notification No. 9/2022, dated 18-01-2022
The Finance Act, 2021 has amended the Finance (No 2) Act, 2004 to make security transaction tax (STT) applicable on maturity or partial withdrawal with respect to a unit-linked insurance policy issued by the insurance company on or after the 01-02-2021, to which exemption under section 10(10D) does not apply on account of the applicability of the fourth and fifth proviso.
Consequent to amendment, the Central Government has notified the Securities Transaction Tax (1st Amendment), Rules, 2022 to amend the Securities Transaction Tax (STT) Rules, 2004.
A new Rule 5A has been inserted to specify that the managing director or a whole-time director is responsible for collecting and paying STT in the case of the Insurance Company. Further, The Govt. has also notified Form no. 2A for filing of return of Taxable Securities Transactions for Insurance Company.
Further, the return in Form No. 2A shall be furnished by the managing director or a whole-time director, duly authorised by the Board of Directors of such company on this behalf.
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