Section 88E of the I T Act allows rebate for Securities Transaction Tax paid by taxpayer on taxable securities transactions.While the rebate u/s 88E from income tax on total income is not an issue , however, if there is loss under I T Act and profit under companies Act, the question of allowance of rebate...
STT Rebate Nightmare – Notice by IT department brokers and corporate investors for concealment of income
December 13, 2010 by Leave a Comment
Over a dozen stock trading firms and corporate investors who availed rebate against securities transaction tax (STT), have been sent notices by the Income Tax department for the assessment years 2006-07 and 2007-08 for ‘underreporting’ their income. The broking firms have been asked to pay the difference with an interest rate of 12%. While the [...]
Confusion regarding securities transaction tax (STT) on speculation loss simplified !
December 10, 2010 by
Securities Transaction Tax is now allowable as business expenditure from Assessment Year 2009-10. However, up to Asst year 2008-09 , the rebate is allowable for STT and there is great confusion regarding allowance of rebate u/s 88E of the I T Act in case a person who has transacted in shares – delivery based trades,...
Is there any special tax rate for capital gains under Direct tax Code?
September 1, 2010 by 1 Comment
No, unlike Income Tax Act 1961, the new Direct Tax Code 2010 , likely to be effective from 01/04/2012 , does not prescribe any special tax rate. Now the long term or short term are part of total income and is taxed at the normal tax rate applicable to you. Note following points regarding taxation of capital gains.
Why you need not fill Form 10DB for share transaction?
June 13, 2010 by
Form 10 DB was a declaration as proof of securities transaction payments on the purchase or sale of shares and units. Now STT is allowed as business expense u/s 36(1) which is explained in posting titled Deduction of securties transaction tax (STT) from business or capital gains simplified !
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