Home Highlights April 2016 Year 2016 This

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1. Short deduction / collection of Security Transaction Tax (STT) - Liability of National Stock Exchange (NSE) - On occasions where client codes for institutional trades...

2. Capital gain vs Business income - The income from share transactions has been rightly assessed as business income, however, Security Transaction tax (STT) has to be...

3. Short Term Capital Loss (on which STT was paid) set off against the Short Term Capital Gain (on which STT is not paid) - Section 70(2) of the Act does not make any...

4. Dispute regarding non-payment/short payment of service tax, tax demand and interest u/ss 73(2) and 75, penalties u/ss 77 and 78 of the Finance Act, 1994, and extended...

5. Set off of losses - Merely because the two set of transactions are liable for different rate of tax, it cannot be said that income from these transactions does not arise...

6. Disallowance u/s 43B - Deduction of Security Transaction Tax (STT) against the transaction of trading - Undisputedly, petitioner had not deposited the amount deducted as...

7. The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

8. STT - anomaly with regard to STT payable on future transactions - Once CBDT has clarified the position, all stake holders are now aware as to what is the amount of STT...

9. The Assessing Officer (AO) failed to conduct relevant inquiries regarding the shares held as penny stocks by the assessee in GCM Securities Ltd. The Principal...

10. STCL on STT paid transactions to be set off against the STCG on non-STT paid transactions allowed - AT

11. Banks are required to maintain a Statutory Liquidity Ratio (SLR) by purchasing government securities. RBI guidelines categorize securities as Held-to-Maturity (HTM),...

12. Format, Procedure and Guidelines for submission of Form No. 1, Form No. 2 and Form No. 2A for Securities Transaction Tax (STT) - Notification

13. Disallowance being amount of State Value Added Tax (VAT) paid for earlier years - Deduction u/s 80IB claimed - Assessee became liable to pay VAT for earlier years - The...

14. Securities Transaction Tax (STT) rates revised - on sale of options in securities increased from 0.0625% to 0.1% of option premium, on sale of futures in securities...

15. Panelty U/s 271C - Short deduction of TDS - there was sufficient cause for short deduction of tax at source - No penalty in view of Section 273-B - HC