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Who elegible for claim STT

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(Querist)
01 August 2008 Who elegible for claim STT (Security Transaction Tax)
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S.Srinivasaraghavan

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S.Srinivasaraghavan (Expert)
02 August 2008 Eligible to claim the amount? Tax relief? your query is vague.
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CA RAMESH KUMAR AHUJA

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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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