The industry body came up with a six point agenda from its
canadian goose jacket There are certain events in life that we edit to make ourselves feel better. A breakup that we told everyone we initiated. A fight we convinced everyone we had won. The industry body came up with a six point agenda from its ninth international convention in Mumbai, on Saturday, November 11.The brokers body asked for a rebate on the securities transaction tax, STT.Higher cost of transactions due to the STT has impacted volumes and revenue generation, ANMI said.Also, lower transaction cost in equity trading would help widen the securities markets for retail participants.ANMI further said there was a need to focus on facilitating the access of useful and affordable financial products and services, not just banking services to all individuals and businesses.”The cause of financial inclusion can be truly realised only if the masses have access to a full range of financial products, not just banking services,” ANMI President K Suresh.”The need cheap canada goose of the hour is to channelise small savings, like the amount lying in Jan Dhan Yojana accounts into appropriate financial products, which would not only fire up the agenda of financial inclusion but also strengthen India capital market,” Suresh added.Apart from a rebate in STT, ANMI urged the government to abolish the dividend distribution tax, DDT.ANMI asked the Centre to amend Section 14A, Rule 8(d) of the Income Tax Act, which seeks disallowance of expenses, thereby making dividend income inconsequential.’Inclusion of dividend into “exempted” income is misleading and untrue, as dividends are already taxed by the DDT,’ it said.ANMI said Section 88E of the I T Act should be re introduced.Under this section, which was removed in 2008, brokers could deduct the amount paid as STT from the overall tax liability, helping them reduce their tax outgo.”STT is a burden on equity transactions. It was introduced in lieu of the capital gain tax. But business dried up after the levy of STT,” said Ashishkumar Chauhan, managing director and CEO, Bombay Stock Exchange.Over the past 25 to 30 years, the income of brokers has come down purely from the equity trading business, the number of active clients have also reduced and they are generating business from other areas such as mutual funds and insurance distribution.”The brokerage fee has declined to as low as one basis point now from 400 bps nearly 25 years ago. canadian goose jacket
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