Transaction tax deductibility: securities and commodities transaction taxes deductible when income is included under business profits. The amendment adds two deductible items to business expenses: amounts equal to securities transaction tax and commodities transaction tax paid on taxable transactions entered into in the course of business, provided the income from those transactions is included under Profits and gains of business or profession; each term is defined by reference to the respective enactment governing that transaction tax.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transaction tax deductibility: securities and commodities transaction taxes deductible when income is included under business profits.
The amendment adds two deductible items to business expenses: amounts equal to securities transaction tax and commodities transaction tax paid on taxable transactions entered into in the course of business, provided the income from those transactions is included under Profits and gains of business or profession; each term is defined by reference to the respective enactment governing that transaction tax.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 
Join Channel
TaxTMI 
