securities transactions tax

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manoj (Querist)

18 December 2009 hello sir,

if any person income current year 145,000/- but shares sale and purchase of 25/-lac but no profit , loss, but securities transaction tax deduct 3500, this tax refundable / nonrefundable plz tell me , if profit then securities tax adjust or no.best suggetion given

plz teell me early

thanking you

Regads
M.K.Sahu

Murtaza I Bhagat

Murtaza I Bhagat (Expert)

18 December 2009 As may be seen, the assessee is required to furnish self-verified Form 10DB in respect of evidence of payment of securities transaction tax paid on the value of transactions entered into by him on a recognized stock exchange for claiming deduction under section 88E of the Income-tax Act alongwith his return of income.
(i) on value of transaction entered into by him in a recognised stock exchange, shall be in Form No. 10DB and shall be verified in the manner indicated therein;
(ii) on value of transaction of sale, by him, of a unit of an equity oriented fund to the Mutual Fund, shall be in Form No. 10DC and shall be verified in the manner indicated therein.â€™
such rebate shall be allowed maximum upto average rate to tax
taxable income from ST X gross tax liability
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total Income
rebate provided to traders u/s 88E equal to STT paid by the assessee by the in respect of the taxable transactions during the year.

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