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 !
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 ” I had a question about expending STT for tax purposes. Can an individual claim the...
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 account is being debited then contact your bank for regeneration of taxpayer counterfoil . Please...
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. The subsidiaries used those funds to make investment in other step-down subsidiaries. The assessee argued...
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
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 T Act. Finance Act 2005 brought the amendment by which clause e was insterted in...