Securities Transaction Tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

30 October 2010 Plz. answer the follosing ASAP :-

Is the STT deducted nfrom my Transaction Income be treated as Current Asset or as Indirect Expenses and can the STT be adjusted with the INCOME TAX payable ?

CA Navin Jain

CA Navin Jain (Expert)
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30 October 2010 SHOW CURRENT ASSETS AND ADJUST FROM TAX LIABILITY

CA Punit

CA Punit (Expert)
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30 October 2010 STT cannot be adjusted with INCOME TAX payable

Further it will be allowed as an expense u/s 36(1)(xv) only if income from sale of shares is shown as business income

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