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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

21 September 2011 I want to know whether security tansaction tax is allowable or not while computing income tax.
Also I want to know we had paid advance tax for the year 10-11 into SBI A/c in paper challan.But as per NSDL website it is not appearing. What is the reason for that.Please let me know how to rectify the same.
Your valuable advice is highly appreciated

VISHRUT

VISHRUT (Expert)

21 September 2011 STT will not be allowable as expense but relief for the same can be claimed as per stated terms.

In case of advance tax if you r eligible for audit and you have file paper tax than it will not be considered and you have to pay it online only.

And please wait for sometime in other case advance tax will take time of around one month to appear in NSDL site.

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

22 September 2011 Up to assessment year 2008-09, STT paid is eligible for deduction from income tax under section 88E of the IT Act,1961. From assessment year 2009-10 and onwards ,if income is computed under "profits & gains of business or profession", STT is an allowable expenditure under section 36(1)(xv) of the above said act.

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