2010” plus 1 more

EXPLANATORY NOTES TO FINANCE ACT(2) 2009 -CIRCULAR 5 DT 03/06/2010

Posted: 04 Jun 2010 08:24 PM PDT

Central Board od Direct Taxes has issued Explanatory Notes to Finance ACT(2) 2009 in circullaor no 5 of 2010 dated 03.06.2010.This Explanatory Notes are very helpful to interpret the Amendments made by the Finance Act(2) 2009.Further after each amendment date of its application (Assessement year)...

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Non-exempt capital loss cannot be set off against exempt capital gains

Posted: 04 Jun 2010 11:08 AM PDT

S. 10 (38) inserted w.e.f. 1.10.2004 provides that long-term capital gains (LTCG) on which security transaction tax (STT) is paid shall not be included in total income. The assessee earned long term capital gain (LTCG) of Rs. 33,01,57,200 on sale of shares after 1.10.2004 in respect of which STT...

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