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of <h1>Deduction for Commodities Transaction Tax under Section 36(1)(xvi) allowed for taxable securities transactions in business income.</h1> Section 36(1)(xvi) of the Income Tax Act allows for the deduction of the Commodities Transaction Tax (CTT) paid by an assessee on taxable securities commodities transactions conducted during the previous year, provided the income from these transactions is included under the head 'Profits and Gains of Business or Profession' (PGBP). This applies when commodities are held as stock-in-trade and pertains to commodity brokers and dealers. The CTT is charged on specified taxable commodities transactions at rates outlined in the Finance Act, 2013, and is payable by either the purchaser or seller.
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