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The Central Board of Direct Taxes (CBDT) has provided relief for genuine transactions through which shares were acquired without paying the securities transaction tax (STT).
According to final regulations released on Tuesday, the board provided exemptions for employee stock options (ESOPs) and duly approved mergers and acquisitions (M&As). It also kept shares acquired under the foreign direct investment (FDI) policy out of the ambit of rules on curbing tax evasion through investments in penny stocks.
The tax authority also exempted institutional investors and scheduled banks. The
