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of <h1>New Rule 20AB in Income-tax Rules: Submit Forms 10DB/10DC for Securities Transaction Tax Deductions Under Section 88E.</h1> The Income-tax (First Amendment) Rules, 2005, effective from its publication date, introduces Rule 20AB to the Income-tax Rules, 1962. This rule mandates that evidence of securities transaction tax payment, necessary for claiming deductions under section 88E, be submitted with income returns. For transactions on recognized stock exchanges, Form No. 10DB is required, while Form No. 10DC is needed for sales of equity-oriented fund units to Mutual Funds. These forms must be verified and include detailed transaction and tax information. The amendment specifies instructions for completing these forms, ensuring accurate tax reporting.
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