Security transaction tax
This query is : Resolved
31 July 2013
How the Securities transaction tax will be deducted from the income tax that is liable to pay?
i.e., I don't find any column in ITR4 form regarding the deduction of Securities Transaction Tax.
In ITR form, there is details about Advance tax paid; TDS paid and Self assessment tax payment but there is no entry for Securities Transaction Tax deduction.
In such condition, how can I deduct the securities transaction tax from the Net tax payable amount? If it is possible to deduct securities transaction tax from my net tax liability, I will get benefited. Kindly guide me.
i.e., I don't find any column in ITR4 form regarding the deduction of Securities Transaction Tax.
In ITR form, there is details about Advance tax paid; TDS paid and Self assessment tax payment but there is no entry for Securities Transaction Tax deduction.
In such condition, how can I deduct the securities transaction tax from the Net tax payable amount? If it is possible to deduct securities transaction tax from my net tax liability, I will get benefited. Kindly guide me.
12 August 2013
Security transaction tax is allowed as deduction only if income from trading in shares is a business income. It is NOT allowed as deduction in case of capital gains.
If you have shown business income from shares, then reduce STT from the income by showing under expenses.
If you have shown business income from shares, then reduce STT from the income by showing under expenses.
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