Girish Kapoor (Accountant & MBA student) (50 Points)
26 August 2009HI,
Our company deals in listed securities. Last year it incurred loss. I want to know STT which was paid by the company, can be refunded. earlier it was adjusted u/s 88 E with tax liabilty. Since this year tax liability is 0, what should be done with STT.
Thanks
Girish Kapoor
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 27 August 2009
last yr, their was a rebate u/s88E... this yr. the rebate was deleted and the deduction is now given u/s36 of the amoutn paid.........as STT... But its refund can't be claimed as it is an expense........u can carry forward its loss...............
Girish Kapoor
(Accountant & MBA student)
(50 Points)
Replied 27 August 2009
| Originally posted by :girish | ||
| " | HI, Our company deals in listed securities. Last year it incurred loss. I want to know STT which was paid by the company, can be refunded. earlier it was adjusted u/s 88 E with tax liabilty. Since this year tax liability is 0, what should be done with STT. Thanks Girish Kapoor |
" |
Thank you very much for your reply. It means that F. Y. 2008-09, I have no option to cliam it as expenditure. But for F.Y. 2009-10 It will be treated as expenses. Please confim the same.
Thanks & Regards,
Girish kapoor
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 27 August 2009
Dear Girish,....the aforesaid amendmetn is applicable from F.Y.08-09 and subsequent yrs..........so any STT paid during that and subsequent yrs can be claimed as expenditure u/s 36(xv)...............SO FOR F.Y. 08-09, U CAN VERY WELL CLAIM IT AS AN EXPENDITURE...................!!!
Aditya Maheshwari
(CA in Practice)
(35867 Points)
Replied 27 August 2009
Yes STT allowable as a deduction from F. Y. 2008 - 09 and in case of loss the same can be carried forward along with loss.
Girish Kapoor
(Accountant & MBA student)
(50 Points)
Replied 28 August 2009
| Originally posted by :Aditya Maheshwari | ||
| " | Yes STT allowable as a deduction from F. Y. 2008 - 09 and in case of loss the same can be carried forward along with loss. | " |
Thank you very much all of you for infomation.
Thanks & Regards,
Girish Kapoor
CAclubindia
