The Central Board of Direct Taxes vide notification dated 18th January, 2022 the Securities Transaction Tax
(1st Amendment), Rules, 2022. The amendment clarifies that the Person responsible for collection and payment of securities transaction tax in case of an Insurance Company shall be the managing director or a whole-time director, as authorized by the Board of Directors of such company.
Every recognized stock exchange, or the trustee of every Mutual Fund or the managing director or a whole-time director of an insurance company, who is required to collect and pay securities transaction tax shall pay the amount of such tax to the credit of the Central Government by remitting it into any branch of the Reserve Bank of India or of the State Bank of India or of any authorized bank accompanied by a securities transaction tax challan.
