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of <h1>Securities Transaction Tax (STT) can be deducted from taxable securities income only with proof, capped by tax on that income</h1> Where an assessee's business income includes profits from taxable securities transactions, the assessee may deduct from the income-tax attributable to that income an amount equal to the securities transaction tax (STT) paid on those transactions, subject to producing prescribed evidence of payment and not exceeding the tax computed on that income. The tax on such securities income is determined by applying the average rate of income-tax to that income. No deduction under this section is permitted in or after the assessment year beginning 1 April 2009.
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