if any person income current year 145,000/- but shares sale and purchase of 25/-lac but no profit , loss, but securities transaction tax deduct 3500, this tax refundable / nonrefundable plz tell me , if profit then securities tax adjust or no.best suggetion given
18 December 2009
As may be seen, the assessee is required to furnish self-verified Form 10DB in respect of evidence of payment of securities transaction tax paid on the value of transactions entered into by him on a recognized stock exchange for claiming deduction under section 88E of the Income-tax Act alongwith his return of income. (i) on value of transaction entered into by him in a recognised stock exchange, shall be in Form No. 10DB and shall be verified in the manner indicated therein; (ii) on value of transaction of sale, by him, of a unit of an equity oriented fund to the Mutual Fund, shall be in Form No. 10DC and shall be verified in the manner indicated therein.’ such rebate shall be allowed maximum upto average rate to tax taxable income from ST X gross tax liability ----------------------------------- total Income rebate provided to traders u/s 88E equal to STT paid by the assessee by the in respect of the taxable transactions during the year.