Archives for 


Confusion regarding securities transaction tax (STT) on speculation loss simplified !

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,...

Continue reading →

What foreign exchange transactions are illegal in India?

Reserve Bank of India prohibits use of foreign exchange for certain purposes by Indians despite the fact that huge foreign exchange accumulation in Indian coffers , the RBI  had announced a Liberalised Remittance Scheme (the Scheme) in February 2004 as a step towards further simplification and liberalization of the foreign exchange facilities available to resident...

Continue reading →