Income tax – new forms 10DB and 10DC notified to claim exemption under Section 88E

By Vijay Kumar

Section 88 introduced in this year’s Finance Act allows a rebate of the Securities Transaction Tax paid while computing the tax on the income including the sale of the securities. Now these two forms are prescribed for submission along with the claim. – Income Tax Notification No. 1/2005 dated 6.1.2005.

I've zero tax arrears. That leaves me with no surplus funds for Swiss bank accounts at all. I sleep very peacefully at night. When I hear the thud of boots down my corridor, I don't cringe in fear. You can call it virtuous stupidity. But it's a comfortable life. – Actor Kamal Hassan.