India में यहाँ होती है TAX FREE Trading

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Издатель Aug 17, 2022

#adigitalblogger #stockmarketindia #demataccount
Bina PAN card ke Trading/ Income Tax free trading:
Everyone knows that to trading or investing in India is not possible without a PAN card. Even you can’t open a Demat account, regardless whether you actually trade or not, without a valid PAN card. But what is I tell you that this is not true!

Residents of Sikkim, who hold 'subject certificates' and their descendants, are exempted by the Securities and Exchange Board of India (SEBI) from providing a mandatory permanent account number (PAN) for operating a demat account.

This is also because Sikkim, a special category state, is governed by the Sikkim Tax Manual and not by the Income Tax (I-T) Act. This also means that there are several tax exemptions for Sikkim based traders.

But now this gap is being utilised by scammers, according to , former chief minister (CM) of Sikkim and president of Sikkim Democratic Front (SDF), Pawan Chamling.

He claims that using fake address proofs traders outside of Sikkim are trading heavily on MCX, because with this they save 30% income tax.

Of total 8 lakh crore volume on MCX, 47K Cr are from Sikkim’s 2000 commodity traders(active and non active). That is 5.5% of the overall trading in MCX.

NSE has taken this very seriously, and has asked all brokers to to send identity and address proof of all the newly on-boarded clients to the Exchange, where the correspondence or permanent address of the client is Sikkim. Along with this, before 15 sept, all brokers have to do a re-KYC verification of documents to check for discrepancies of all Sikkim address registered traders.