The Hindu Business Line : CBDT prescribes forms for rebate on STT

THE Finance Ministry has prescribed the form in which an assessee claiming rebate on securities transaction tax (STT) should furnish the evidence of payment of such a tax along with the return of income.

The United Progressive Alliance (UPA) Government had amended the income tax law to specify under Section 88E that rebate in respect of STT would not be allowed unless the assessee furnishes along with a return of income the "evidence of payment of securities transaction tax in the prescribed form."

The Central Board of Direct Taxes (CBDT) has now prescribed two separate forms — 10DB and 10DC. While Form 10DB related to the evidence of payment STT on tractions entered in a recognised stock exchange, the Form 10DC pertained to evidence for payment of STT on transactions of sale of equity oriented fund to the mutual fund.

Rebate under Section 88E is applicable from assessment year 2005-06. The CBDT has in that section specified certain conditions that need to be satisfied for availing the rebate.

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