In case where the income of an assessee includes any business income arising from taxable securities transactions, he will be allowed a deduction of the amount of securities transaction tax paid by him in respect of the taxable securities transactions entered into in the course of his business during that previous year subject to maximum of the income-tax payable.
For this purposes, the amount of income-tax on the income, arising from taxable securities transactions, will be calculated by applying the average rate of income-tax on such income.