Securities Transaction Tax (1st Amendment), Rules, 2022 - 09/2022 - Income Tax

Securities Transaction Tax compliance: managing directors now responsible for collection and electronic filing obligations.

The amendment designates the managing director or a whole-time director of an insurance company, duly authorised by its Board, as the person responsible for collection and payment of securities transaction tax; mandates payment via authorised banks with prescribed challan; inserts Form No. 2A as the return for insurance companies; requires electronic filing of Forms 1, 2 and 2A under digital signature or electronic verification code; and assigns the Principal Director-General/Director-General of Income tax (Systems) responsibility for specifying secure procedures, formats, standards and archival policies for electronic return submission.