Security Transaction Tax related query
This query is : Open
06 October 2010
an assessee is having a balance of STT shown in his Balance Sheet on asset side which he did not claimed as Expenditure as well as did not set off with income tax prior to the yr 2008.
So now what can i do to remove that balance form balance sheet.
As the assessee is in the business of purchasing and selling shares.
So now what can i do to remove that balance form balance sheet.
As the assessee is in the business of purchasing and selling shares.
06 October 2010
you can transfer to profit and loos a/c but would be disallowed as per income tax act
06 October 2010
Sir, i just wanted to know the reason, why it will be disallowed.
Earlier incometax allowed to deduct STT from income tax, now it is allowed as expenditure. so if a person didnot claimed any expense as expenditure and shows it as deffered revenue in balace sheet then it should be allowed to be written off an parts from P/L A/c.
Earlier incometax allowed to deduct STT from income tax, now it is allowed as expenditure. so if a person didnot claimed any expense as expenditure and shows it as deffered revenue in balace sheet then it should be allowed to be written off an parts from P/L A/c.
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