Securities transaction tax increase on unexercised options; exemption extended to New Pension System and IFSC trades. The amendment raises the securities transaction tax rate on sale of an unexercised option in securities by substituting a higher percentage in section 98, Finance (No.2) Act, 2004, effective 1 June 2016. It also replaces section 113A so that Chapter VII does not apply to taxable securities transactions entered into for or on behalf of the New Pension System Trust or to transactions on recognised stock exchanges located in an International Financial Services Centre where consideration is paid or payable in foreign currency.
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Securities transaction tax increase on unexercised options; exemption extended to New Pension System and IFSC trades.
The amendment raises the securities transaction tax rate on sale of an unexercised option in securities by substituting a higher percentage in section 98, Finance (No.2) Act, 2004, effective 1 June 2016. It also replaces section 113A so that Chapter VII does not apply to taxable securities transactions entered into for or on behalf of the New Pension System Trust or to transactions on recognised stock exchanges located in an International Financial Services Centre where consideration is paid or payable in foreign currency.
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