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 ?
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 ?
30 October 2010
SHOW CURRENT ASSETS AND ADJUST FROM TAX LIABILITY
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
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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