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of <h1>New Clauses in Section 36 of Income-tax Act Allow Deductions for Securities and Commodities Transaction Taxes Paid</h1> In the Income-tax Act's Section 36, sub-section (1), new clauses (xv) and (xvi) are introduced, effective April 1, 2009. Clause (xv) allows for the deduction of securities transaction tax paid by the assessee on taxable securities transactions if the income from these transactions is included under 'Profits and gains of business or profession.' Clause (xvi) permits the deduction of commodities transaction tax paid on taxable commodities transactions under similar conditions. The terms 'securities transaction tax' and 'commodities transaction tax' are defined as per Chapter VII of the relevant Finance Acts of 2004 and 2008, respectively.
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