Cryptocurrency Q&A
Why is STT not allowed as a deduction?
Why is STT not allowed as a deduction?
Andrea
Mon Aug 12 2024
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5 answers
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Could you please elaborate on why STT, or Securities Transaction Tax, is not considered a valid deduction for tax purposes? Is there a specific reason behind this policy, or is it simply a matter of tax law not recognizing this type of expense as deductible? Understanding the rationale behind this decision would help me better navigate my financial planning and tax obligations.
5 answers
Eleonora
Wed Aug 14 2024
This means that if an individual chooses to engage in stock trading as a professional activity, they may be eligible to claim the STT paid as a tax deduction.
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Nicola
Wed Aug 14 2024
Under Section 36 of the Indian Income Tax Act 1961, taxpayers can claim the Securities Transaction Tax (STT) paid as a deductible business expenditure, provided that their share income is reported under the "Profits/Gains from Business and Profession" category.
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Maria
Tue Aug 13 2024
For those in the cryptocurrency and finance industry, understanding tax regulations such as STT is crucial for ensuring compliance and minimizing tax liabilities.
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DigitalDynasty
Tue Aug 13 2024
BTCC, a UK-based cryptocurrency exchange, offers a range of services that cater to the needs of cryptocurrency traders and investors.
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CryptoElite
Tue Aug 13 2024
These services include spot trading, futures trading, and a secure digital wallet for storing cryptocurrencies. BTCC's comprehensive platform provides users with a seamless and secure trading experience.
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