Securities Tranaction Tax deducted on my speculative share dealings.Will I get rebate ?
Yes , you will get the rebate u/s 88E of the I T Act if following two conditions are fulfilled :
1. Your total income includes "Income from Business or Profession" arising from taxable securities transactions
2. Evidence of payment of STT is attached by you with the your Return of Income.
If aforesaid condition are fulfilled , then you will get the rebate equivalent to minimum of the following two amounts :
1. STT paid
2. Total Tax x Business Income from such taxable securities transactions x 100
---------------------------------
Total Income
Please note that it hardly matters if the STT is paid on speculative transactions.
2. Evidence of payment of STT is attached by you with the your Return of Income.
If aforesaid condition are fulfilled , then you will get the rebate equivalent to minimum of the following two amounts :
1. STT paid
2. Total Tax x Business Income from such taxable securities transactions x 100
---------------------------------
Total Income
Please note that it hardly matters if the STT is paid on speculative transactions.
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