{"id":260378,"date":"2022-01-20T17:30:55","date_gmt":"2022-01-20T12:00:55","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=260378"},"modified":"2022-01-20T15:55:43","modified_gmt":"2022-01-20T10:25:43","slug":"provision-for-collection-and-payment-of-securities-transaction-tax-in-case-of-insurance-company-introduced-vide-securities-transaction-tax-1st-amendment-rules-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/20\/provision-for-collection-and-payment-of-securities-transaction-tax-in-case-of-insurance-company-introduced-vide-securities-transaction-tax-1st-amendment-rules-2022\/","title":{"rendered":"Provision for collection and payment of securities transaction tax in case of insurance company introduced vide Securities Transaction Tax (1st Amendment), Rules, 2022"},"content":{"rendered":"<p><span id=\"page8R_mcid116\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">On January 18, 2022, the Central Government<\/span> notifies Securities Transaction Tax (1st Amendment), Rules, 2022<span dir=\"ltr\" role=\"presentation\"> to amend the <\/span><span dir=\"ltr\" role=\"presentation\"><a href=\"http:\/\/www.scconline.com\/DocumentLink\/4OHTJ8L1\">Securities Transaction Tax Rules, 2004<\/a>.<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"color: #000080;\">Key Amendments: <\/span><\/p>\n<ul>\n<li><span id=\"page8R_mcid119\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In the Securities Transaction Tax Rules, 2004, <\/span><span dir=\"ltr\" role=\"presentation\">the following rule shall be inserted:<\/span><\/span><span id=\"page8R_mcid121\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<blockquote>\n<p style=\"text-align: justify;\"><span id=\"page8R_mcid121\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">\u201c 5A. <\/span><\/span><span id=\"page8R_mcid122\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Person responsible for collection and payment of securities transaction tax in case of Insurance <\/span><\/span><span id=\"page8R_mcid123\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Company.<\/span><\/span><span id=\"page8R_mcid124\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid125\" class=\"markedContent\"><\/span><span id=\"page8R_mcid126\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">In the case of an insurance company, the person responsible for collection and paymen<\/span><\/span><span id=\"page8R_mcid127\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">t of <\/span><\/span><span id=\"page8R_mcid128\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">securities transaction tax in accordance with sub<\/span><\/span><span id=\"page8R_mcid129\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid130\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">sections (2), (3) and (4) of section 100 of the Act, shall be <\/span><\/span><span id=\"page8R_mcid131\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the managing director or a whole<\/span><\/span><span id=\"page8R_mcid132\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">&#8211;<\/span><\/span><span id=\"page8R_mcid133\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">time director, as defined in clauses (54) and (94) of section 2 of the <\/span><\/span><span id=\"page8R_mcid134\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Companies Act, 2013 (18 of 2013), d<\/span><\/span><span id=\"page8R_mcid135\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">uly authorised by the Board of Directors of such company in this <\/span><\/span><span id=\"page8R_mcid136\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">behalf.\u201d.<\/span><\/span><span id=\"page8R_mcid137\" class=\"markedContent\"><\/span><span id=\"page8R_mcid138\" class=\"markedContent\"><\/span><span id=\"page8R_mcid139\" class=\"markedContent\"><\/span><\/p>\n<\/blockquote>\n<ul>\n<li class=\"canvasWrapper\" style=\"text-align: justify;\"><span id=\"page10R_mcid127\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In the principal rules, in rule 8 dealing with &#8216;<b>Return by whom to be signed<\/b>&#8216;, the following clause shall be inserted:<\/span><\/span><\/li>\n<\/ul>\n<blockquote>\n<p style=\"text-align: justify;\"><span id=\"page10R_mcid131\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">\u201c<\/span><span dir=\"ltr\" role=\"presentation\">(c) in the case of an insurance company by the managing director or a whole-time director as defined in <\/span><span dir=\"ltr\" role=\"presentation\">clauses (54) and (94) of section 2 of the Companies Act, 2013 (18 of 2013) a duly authorised by the Board <\/span><span dir=\"ltr\" role=\"presentation\">of Directors of such company in this behalf.\u201d.<\/span><\/span><span id=\"page10R_mcid132\" class=\"markedContent\"><\/span><\/p>\n<\/blockquote>\n<ul>\n<li class=\"canvasWrapper\" style=\"text-align: justify;\"><span id=\"page10R_mcid132\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In the principal rules, in the APPENDIX Form No. 2A dealing with <span id=\"page10R_mcid142\" class=\"markedContent\">Return of Taxable Securities Transactions for Insurance Company<\/span> shall be inserted.<\/span><br role=\"presentation\" \/><\/span><span id=\"page10R_mcid135\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><span id=\"page10R_mcid142\" class=\"markedContent\"><br role=\"presentation\" \/><br \/>\n<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>On January 18, 2022, the Central Government notifies Securities Transaction Tax (1st Amendment), Rules, 2022 to amend the Securities Transaction Tax Rules, <\/p>\n","protected":false},"author":8808,"featured_media":253009,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-260378","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Provision for collection and payment of securities transaction tax in case of insurance company introduced vide Securities Transaction Tax (1st Amendment), Rules, 2022 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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READ MORE HERE MINISTRY\u2026","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-249.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-249.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-249.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-249.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/01\/MicrosoftTeams-image-249.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":285892,"url":"https:\/\/www.scconline.com\/blog\/post\/2023\/03\/02\/legislation-february-2023-17-stories-on-budget-2023-24-revision-of-income-tax-forms-definition-of-piracy-reduction-of-management-fees-of-asset-reconstruction-companies-sebi-circulars-and-m\/","url_meta":{"origin":260378,"position":1},"title":"LEGISLATION FEBRUARY 2023| 17+ Stories on Budget 2023-24; Revision of Income-Tax Forms; Definition of Piracy; Reduction of management fees of Asset Reconstruction Companies &amp; SEBI Circulars; and more","author":"Kriti","date":"March 2, 2023","format":false,"excerpt":"UNION CABINET Union Budget 2023-24 Highlights: What\u2019s in bag for middle-class? On 1-02-2023, the Union Finance Minister, Nirmala Sitharaman announced the Union Budget 2023. The budget is particularly focused upon inclusive development, especially covering the youth, women, farmers, OBCs, Scheduled Castes and Scheduled Tribes. READ MORE MINISTRY OF FINANCE CBDT\u2026","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-601.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-601.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-601.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2023\/03\/MicrosoftTeams-image-601.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":270947,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/08\/01\/legislations-monthly-roundup-july-2022\/","url_meta":{"origin":260378,"position":2},"title":"Legislations | Monthly RoundUp [July, 2022]","author":"Bhumika Indulia","date":"August 1, 2022","format":false,"excerpt":"Around 50 Legislation Updates | Relating to Controlled Delivery (Customs) Regulations, 2022, Bullion exchange units, Legal Metrology, Work from Home for the Unit, Project Screening Committee, Biodegradable plastic, Zero coupon zero principal, Note Authentication and Fitness Sorting Parameters and International Trade Settlement in Indian Rupees MINISTRY OF CORPORATE AFFAIRS Obligations\u2026","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"Monthly RoundUp","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/12_july22_legislation_MicrosoftTeams-image.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/12_july22_legislation_MicrosoftTeams-image.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/12_july22_legislation_MicrosoftTeams-image.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/12_july22_legislation_MicrosoftTeams-image.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/08\/12_july22_legislation_MicrosoftTeams-image.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":266261,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/05\/01\/legislations-monthly-roundup-april-2022\/","url_meta":{"origin":260378,"position":3},"title":"Legislations | Monthly RoundUp [April, 2022]","author":"Bhumika Indulia","date":"May 1, 2022","format":false,"excerpt":"MINISTRY OF AYUSH Drugs (4th Amendment) Rules, 2022 On April 04, 2022, the Central Government has notified the Drugs (4th Amendment) Rules, 2022 to further amend the Drugs Rules, 1945. This has come into force on April 4, 2022. READ MORE HERE MINISTRY OF CORPORATE AFFAIRS Nidhi (Amendment) Rules, 2022\u2026","rel":"","context":"In &quot;Legal RoundUp&quot;","block_context":{"text":"Legal RoundUp","link":"https:\/\/www.scconline.com\/blog\/post\/category\/columns-for-roundup\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2022\/04\/MicrosoftTeams-image-210.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":267806,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/06\/02\/legislations-monthly-roundup-may-2022\/","url_meta":{"origin":260378,"position":4},"title":"Legislations | Monthly RoundUp [May, 2022]","author":"Bhumika Indulia","date":"June 2, 2022","format":false,"excerpt":"Legal Round Up for the month of May is mentioned below: \u00a0 MINISTRY OF CORPORATE AFFAIRS Companies (Share Capital and Debentures) Amendment Rules 2022 The Central Government has notified Companies (Share Capital and Debentures) Amendment Rules 2022 to amend the Companies (Share Capital and Debenture) Rules, 2014. 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They will come into force from April 01, 2022. \u00a0 Key Features: Provision relating to Computation of exempt income of specified fund, attributable to the investment\u2026","rel":"","context":"In &quot;Legislation Updates&quot;","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"CBDT","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-159-1.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/260378","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=260378"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/260378\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/253009"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=260378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=260378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=260378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}