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8. Amendment of section 40. |
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—In section 40 of the Income-tax Act, in clause (a), sub-clause (ib) shall be omitted with effect from the 1st day of April, 2009.
Clause 8 seeks to omit sub-clause (ib) of clause (a) of section 40 which provides that any sum paid on account of securities transaction tax shall not be allowed as a deduction in the computation of "profits and gains of business or profession".
This amendment will take effect from 1st April, 2009 and will accordingly apply in relation to the assessment year 2009-10 and subsequent assessment years.
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