0 comments Thursday, May 14, 2015Read On
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.
0 comments Thursday, May 7, 2015Read On
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.
0 comments Friday, March 13, 2015Read On
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.
1 commentsRead On
PUNJAB GOVT. GAZ. (EXTRA), MARCH I l, 2015 29 (PHGN 20,1936 SAKA)
GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION-II BRANCH)
The 11th March,20l5 .
0 commentsRead On
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%.
2 comments Monday, March 2, 2015Read On
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.
0 comments Sunday, March 1, 2015Read On
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.
0 commentsRead On
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.
0 comments Tuesday, February 3, 2015Read On
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.
0 comments Monday, February 2, 2015Read On
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:
0 comments Thursday, January 29, 2015Read On
GOVERNMENT OF PUNJAB
DEPARTMENT OF EXCISE & TAXATION
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
0 comments Sunday, January 25, 2015Read On
0 comments Thursday, January 22, 2015Read On
0 comments Wednesday, January 21, 2015Read On
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.
0 comments Thursday, January 8, 2015Read On
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.
0 comments Tuesday, January 6, 2015Read On
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.
Nobody is permitted to copy or publish the articles existing on this blog on any website or on any other media without my express permission.
No one is responsible for any claims if somebody finds that the information/opinions provided in this blog is incorrect and the blog is meant only to share knowledge and exchange views in a meaningful manner.
Powered by Blogger.