Insertion of new section 88E
Section 23 of the Finance Act, 2004 deals with insertion of new section 88E. Insertion of new section 88E 23. After section 88D of the Income-tax Act, as so inserted, the following section shall be inserted with effect from the 1st day of April, 2005, namely:— ‘88E.
Insertion of new section 88E
23. After section 88D of the Income-tax Act, as so inserted, the following section shall be inserted with effect from the 1st day of April, 2005, namely:—
‘88E. Rebate in respect of securities transaction tax.—(i) Where the total income of an assessee in a previous year includes any income, chargeable under the head "Profits and gains of business or profession", arising from taxable securities transactions, he shall be entitled to a deduction, from the amount of income-tax on such income arising from such transactions, computed in the manner provided in sub-section (2), of an amount equal to the securities transaction tax paid by him in respect of the taxable securities transactions entered into in the course of his business during that previous year:
Provided that no deduction under this sub-section shall be allowed unless the assessee furnishes along with the return of income, evidence of payment of securities transaction tax in the prescribed form:
Provided further that the amount of deduction under this sub-section shall not exceed the amount of income-tax on such income computed in the manner provided in sub-section (2).
(2) For the purposes of sub-section (1), the amount of income-tax on the income arising from the taxable securities transactions, referred to in that sub-section, shall be equal to the amount calculated by applying the average rate of income-tax on such income.
Explanation.—For the purposes of this section, the expressions "taxable securities transaction" and "securities transaction tax" shall have the same meanings respectively assigned to them under Chapter VII of the Finance (No.
2) Act, 2004.’
© Copyright. Taxmann Publications Pvt. Ltd.
Section 23, The Finance Act, 2004.
Questions about Section 23
What does Section 23 of the Finance Act deal with?
Section 23 of the Finance Act is headed "Insertion of new section 88E". Insertion of new section 88E 23. After section 88D of the Income-tax Act, as so inserted, the following section shall be inserted with effect from the 1st day of April, 2005, namely:— ‘88E.
How do I find court cases under Section 23 of the Finance Act?
In judgments and charge sheets this section is written several ways, and each form finds a different set of orders. These search the full text of every order eCourtsIndia holds, best matches first: Finance Act 2004 23, section 23 Finance Act 2004, section 23 of the Finance Act. Each opens the full list of orders on eCourtsIndia, where it can be narrowed by court, year and outcome.
When was the Finance Act enacted?
Finance Act was enacted in 2004. India Code records no commencement date for it. It is in force as at the date shown on this page.
Other sections of this Act
- 30. Insertion of new Chapter XII-G7139 words
- First Schedule. First Schedule5961 words
- 2. Income-tax2336 words
- 50. Amendment of section 206C1334 words
- 18. Amendment of section 80IB1046 words
- 5. Amendment of section 10930 words
Source and method. Compiled from the enactments of Parliament and of the State legislatures as published on India Code, and republished together with commentary and other original matter under section 52(1)(q)(ii) of the Copyright Act, 1957. Structured, cross-referenced and maintained by eCourtsIndia. Harvested from the Income Tax Department's own portal at incometaxindia.gov.in, which publishes the Finance Acts section by section. India Code carries none of them: its Central community holds the Acts that stand as general law, and a Finance Act is an amending and rate-fixing instrument. This page is not a substitute for legal advice.