DETC(Admin) exercising power of DETC(Appeals) whether unconstituitional

0 comments Thursday, May 14, 2015
The Excise and Taxation Department vide its notification No. S.O.93/P.A.8/2005/S.3/2013 Dated 16.10.2013 designated all the officers rank of Deputy Excise and Taxation Commissioners of the Department to act as appellate authority u/s 62 of Punjab VAT Act, 2005, which mean that not only DETC(Appeals) but DETC(Admins) have also been authorized to act as appellate authority. Earlier only DETC(Appeals) were designated to act as appellate authority.
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Punjab VAT-No assessment or provisional assessment without the prior approval of ETC

0 comments Thursday, May 7, 2015
Punjab Government has suitably  amended Rule 47 of the Punjab VAT Rules, 2005 whereby no assessment or provisional assessment now can be framed without the prior approval of the Excise and Taxation Commissioner, Punjab.

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Rahat scheme under Punjab VAT extended to all towns

0 comments Friday, March 13, 2015
The Excise and Taxation Department, Punjab has extended the Rahat Scheme earlier notified u/s 8-A of Punjab VAT Act, 2005, to all the retailers who are carrying on business anywhere in Punjab.
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Punjab VAT-Rate of Advance tax on iron and steel enhanced to 3.5%

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PUNJAB GOVT. GAZ. (EXTRA), MARCH I l, 2015 29 (PHGN 20,1936 SAKA) 

PART III 

GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION-II BRANCH) 

NOTIFICATION

 The 11th March,20l5 .
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Punjab VAT-Rate of tax on iron and steel enhanced to 3.5%

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Punjab Government has enhanced rate of tax on iron and steel goods as enumerated in clause-iv of Section 14 of Central Sales Tax Act, 1956 except Non-Cenvat paid lron and Steel Scrap from 2.5% to 3.5%. After adding surcharge of 10% u/s 8-B of Punjab VAT Act 2005 the effective rate is now 3.85%.
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Interest earned from Recurring Deposit also subject to TDS

2 comments Monday, March 2, 2015
The Finance Bill, 2015 has proposed to amend section 194-A of Income Tax Act, 1961 so as to levy TDS on recurring deposits as well. It is notable here that earlier TDS was applicable only on the interest earned in Fixed Deposits with the banks. Now interest earned from Recurring deposits will also be subject to TDS.
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Proposed Amendments in TDS/TCS provisions-Budget, 2015

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The Finance Bill, 2015 proposes to rationalize the provisions of TDS and TCS under the IT Act. As such, the key proposals seek to bring parity between the TDS and TCS machinery provisions, resolve the uncertaintysurrounding taxation of interest payments by cooperative banks to members, strengthen TDS provisions relating to salary income and extend reporting requirements under section 195(6) of the IT Act to payments that are not chargeable to income tax.
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Investment in Sukanya Samriddhi account also eligible for deduction u/s 80C

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I. Introduction
In exercise of powers available under Section 80C(2)(viii) of the Income-tax Act, 1961 ("the Act"), the Central Government had notified a scheme known as "SukanyaSamridhi Account Scheme" videNotification No. G.S.R. 863(E) dated 02-12-2014.

Under the scheme, an amount deposited as per the provisions of the scheme was eligible for deduction under section 80C and the interest earned on the scheme was taxable.
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Relaxation from TDS u/s 194C restricted to only small transporters

0 comments Sunday, March 1, 2015
Under the existing provisions of section 194C of the Act payment to contractors is subject to tax deduction at source (TDS) at the rate of 1% in case the payee is an individual or Hindu undivided family and at the rate of 2% in case of other payees if such payment exceeds Rs. 30,000 or aggregate of such payment in a financial year exceeds Rs. 75,000. Prior to 1.10.2009, section 194C of the Act provided for exemption from TDS to an individual transporter who did not own more than two goods carriage at any time during the previous year. Subsequently, Finance (No.2) Act, 2009 substituted section 194C of the Act with effect from 1.10.2009, which inter alia provided for non- deduction of tax from payments made to the contractor during the course of plying, hiring and leasing goods carriage if the contractor furnishes his Permanent Account Number (PAN) to the payer. 
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No money above 20000 in cash, in relation to transfer of immovable property

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The existing provisions contained in section 269SS of the Income-tax Act provide that no person shall take from any person any loan or deposit otherwise than by an account payee cheque or account payee bank draft or online transfer through a bank account, if the amount of such loan or deposit is twenty thousand rupees or more. However, certain exceptions have been provided in the section. Similarly, the existing provisions contained in section 269T of the Income-tax Act provide that any loan or deposit shall not be repaid, otherwise than by an account payee cheque or account payee bank draft or online transfer through a bank account, by the persons specified in the section if the amount of loan or deposit is twenty thousand rupees or more.
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Cross adjustment between CST and State tax allowable, no interest leviable for short payment

0 comments Tuesday, February 3, 2015
Many a times dealers face a situation where due to technical error or clerical mistake while making payment of sales tax, tax is wrongly paid in wrong account i.e. instead of paying under the head of Central sales tax, it is paid under the head State VAT/sales tax. In such case whether adjustment between both heads can be done or not is a question which arises. 
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All items exempted from e-trip under Punjab VAT Act, 2005

0 comments Monday, February 2, 2015
The Excise and Taxation Conmissioner, Punjab has exempted all the items from E-trip under Rule 64-A of Punjab VAT Rules, 2005. E-Trip is the mechanism whereby the intra-state movement of notified goods is mandatorily reported on the official website of the Department. Now after this order, E-Trip is not required to be done in respect of any item. 

The order is reproduced herebelow:
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Due date of efiling of VAT return for Q3 of 2014-15 extended

0 comments Thursday, January 29, 2015
GOVERNMENT OF PUNJAB

 DEPARTMENT OF EXCISE & TAXATION
 
PUBLIC NOTICE
 
KIND ATTENTION: DEALERS/CHARTERED ACCOUNTANTS/LAWYERS/OTHER STAKEHOLDERS 

This is to inform all the concerned that the last date of e-filing of VAT-15 for the 3rd Quarter of 2014-15 has been extended till 5 th February, 2015. 

Dated: 29th January, 2014.

 Excise & Taxation Commissioner, Punjab
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Mere cash deposits of more than 10 lakhs cannot be a reason to reassessment

0 comments Sunday, January 25, 2015
The assessee had deposited cash in excess of Rs 10 lakhs in his saving bank account but he had not filed return of income. The AO reopened the assessment of assessee, as he had reason to believe that there was an escapement of income of Rs 10 lakhs. 
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Revised return can be filed even after issuance of intimation u/s 143(1)

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The Calcutta High Court has held that issue of intimation under section 143(1) cannot amount to completion of assessment under section 139(5) disabling assessee from filing a revised return. 
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Punjab VAT-Rate of tax on cranes and earth moving equipments reduced to 5.5%

0 comments Thursday, January 22, 2015
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Exemption from payment of advance VAT to works contractors to be allowed-instructions

0 comments Wednesday, January 21, 2015
The Excise and Taxation Commissioner, Punjab has issued instructions to grant advance VAT exemption to the works contractors whose TDS u/s 27 of Punjab VAT Act, 2005 is being deducted. 
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Works contractors are also eligible for advance VAT exemption-P&H High Court

0 comments Thursday, January 8, 2015
The Punjab & Haryana High Court  in CWP 19835 of 2014 Ayyappa Infra Projects Pvt Ltd vs State of Punjab has directed the State of Punjab to issue clarification to the effect that works contractors are also eligible for exemption from advance VAT levied u/s 6(7) of Punjab VAT Act, 2005. 
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Email ids of all important functionaries in the State of Punjab

0 comments Tuesday, January 6, 2015
The Punjab Government has notified the Email ids of all the important functionaries in the State of Punjab. The Email Ids includes ids of all Financial Commissioners, Principal Secretaries, Administrative Secerataries and Head of the Departments. 
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Kisan Vikas Patra Rules, 2014

0 comments Sunday, January 4, 2015
Kisan Vikas Patra Rules, 2014

MINISTRY OF FINANCE

(Department of Economic Affairs)

NOTIFICATION

New Delhi, the 23rd September, 2014
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