The Rule of STT deduction from business income and capital gains are not same. While computing gains from share transactions whether treated as capital gains or profit from business brings issue of deduction of the expense of Securities transaction tax (STT) cost immediately in the mind of an assessee. Vivek Sharma , Ghaziabad asks ”...
What to do if your bank account gets debited twice while making tax payments?
NSDL is handling e-payments of tax. It provides following answer to such problem which may occur while making online tax payments. If during the transaction or after completing the transaction bank site encountered any error or get disconnected before generating Taxpayer counterfoil then instead of doing the same transaction again kindly check your Account, if...
Can notional interest be taxed under transfer pricing law ?
Yes, under transfer pricing mechanism , there is scope of notional interest taxation. This is held by Delhi bench F in Perot Systems TSI ( India) Ltd. vs. DCIT, ITA No. 2320 to 2322/Del/08, Delhi Bench ‘F’ order dated 30.10.2009. Facts of the case The aseessee, an India company, advanced interest free loans to its 100% foreign subsidiaries....
Can You Deduct STT As Expense From Share Sale Income ?
The income from share transaction can occur in following forms 1. Share trading 2. Speculative trade 3. F & O transactions 4. Capital Gains Allowance of STT for First three types (1, 2 & 3) From Assessment Year Asst Year 2009-10 (FY 2008-09 ) , Securities Transaction Tax (STT) is defined as an expense u/s
Why Is F & O Transaction Business Activity From 25/1/2006 And Not From 1/4/2005?
Whether Trading in Nifty Futures, amount to trading in derivates and as a result not a speculative transaction as per the amendment to sec 43(5) by Fiance act 2005. RAMESH V RAICHUR, Belgaum Futures and option trading-whether in individual shares or Nifty futures – was regarded as speculation business as per section 43(5) of the I...