Excess Securities Transaction Tax (STT) Retained – BSE
This has reference to notice no ITBA/COM/F/17/2023-24/1060418987(1) dated February 2, 2024 issued by Joint Commissioner of Income Tax, Range – 7(1), Mumbai. This notice was issued to draw attention towards excess STT collected by some brokers/sub-brokers for the financial year 2021-22 and for preceding years as on March 31, 2021, which is not being remitted to the Government account.
The relevant extract of the instructions from the office of Joint Commissioner of Income Tax, Range 7(1) is as given below:
“it is requested that a circular may kindly be issued requesting all the Member, Brokers/Sub-brokers to furnish the details of such excess STT collected and retained with them for F.Y.2021-22 and preceding years as on 31.03.2021 directly to ‘BSE LTD.’ under intimation to this office.
The letters may be captioned as ‘Excess STT Retained –BSE’. They may be directed to comply with this Circular within 7 days from publishing of the Circular/Notice and remit such excess STT collected along with interest @ 1% for every month’s delay to ‘BSE LTD.’ immediately under intimation to this office and the BSE shall deposit the same to the Government Account immediately. You are accordingly requested to issue such Circular/Notice and intimate its compliance to this office at the earliest.”
Hence, as per the instructions of the income tax department, a circular is hereby issued to the member brokers, requesting to furnish details of excess STT collected and retained with them for FY 2021-22 and for preceding years as on March 31, 2021 to BSE Limited and remit the excess STT along with interest as per instructions above immediately.
The remittance of excess STT should be made by way of an Account Payee cheque only drawn in the name of “BSE Limited”, along with the details of such excess STT collected and interest calculations. Request you to kindly send the cheque and details to the below mentioned postal address:
Harihara Subramanian / Rushabh Mehta (Finance & Accounts department)
BSE Limited
25th Floor, PJ Towers,
Dalal Street, Fort,
Mumbai - 400001
In case of any clarification, you may write / contact Harihara Subramanian or Rushabh Mehta on bse.tdsrefund@bseindia.com or 022-22728647.
For and on behalf of BSE Limited
Kamlesh Jagetiya
Financial Controller |