Who elegible for claim STT

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Ajay

Ajay (Querist)

01 August 2008 Who elegible for claim STT (Security Transaction Tax)

S.Srinivasaraghavan

S.Srinivasaraghavan (Expert)

02 August 2008 Eligible to claim the amount? Tax relief? your query is vague.

CA RAMESH KUMAR AHUJA

CA RAMESH KUMAR AHUJA (Expert)

02 August 2008 A person who derives income from share trading business and has paid STT on transactions executed on a recognised stock exchange is elegible for a rebate from the tax due on the total income u/s 88E ofthe Income Tax Act which is calculated at the average rate of tax on the income earned from dealing in such securities on which STT has been paid. Such a rebate is allowable upto AY 2008-09. Finance Act, 2008 has carried out amendments and the STT which was otherwise not allowed as a business expense has been made allowable as a business expense and section 88E has been dispensed with.

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