No reversal of ITC on closing stock of iron and steel goods is warranted under rule 21(8) of Punjab VAT Rules.0 comments Wednesday, August 27, 2014
Recently while filing the fourth quarter return of year 2013-14, the Excise and Taxation Department,
0 comments Saturday, August 9, 2014Read On
The Tax Lawyers Association filed a Writ Petition claiming that Rule 73 read with Rule 79(2)(f) of the U.P. Value Added Tax Rules 2008 which permits outsiders to practice in the field of Law before the VAT Authorities under the VAT Act is ultra vires section 33 of the Advocates Act 1961 which provides that only Advocates are entitled to practice before any Court or authority.
0 comments Tuesday, July 29, 2014Read On
Punjab deputy chief minister Sukhbir Singh Badal on Tuesday ordered withdrawal of the amendment made in the first proviso to section 13 (1) of the Punjab VAT Act, 2005 for availing input tax credit and asked the excise and taxation department to draft an ordinance in this regard and present it for approval in the next meeting of the state cabinet.
0 comments Monday, July 28, 2014Read On
It is the general tendency of the adminstrative authorities more so of the tax authorities to pass non-speaking orders or to pass orders in violation of principle of fairness and rules of natural justice, without giving any opportunity of being heard to the effected person. The authorities in many case pass orders in gross violation of rules of natural justice.
Capital asset can be deemed to be transferred by mere agreement to sell for the purpose of exemption u/s 540 comments Sunday, July 27, 2014
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Madhya Pradesh High Court in Super Traders v Additional Commissioner of Commercial Taxes has held that incorrect or erroneous claim not sustainable under VAT law would not make a case of concealment of taxable item, therefore penalty is not leviable in such case.
Interest on loan taken against FDRs held allowable as it was incurred exclusively to keep intact income from FDRs0 comments
0 comments Friday, July 25, 2014Read On
The Supreme Court on Wednesday reacted sharply to the Centre's stand that the purpose behind creation of National Tax Tribunal (NTT) was to associate domain experts in deciding taxation disputes as it was often felt that judges lacked expertise in specialized fields.
0 comments Thursday, July 24, 2014Read On
Kind Attention: Dealers/Lawyers/Chartered Accountants/Other Stakeholders
In the light of a large number of representations received from lawyers and trade bodies that it is difficult for them to work out the stock as required to be filled in WS-7 and in many cases the balance sheet/stock as of 31.3.2014 are not ready yet, the following changes have been made in VAT-15 for the 1st Quarter of 2014-15:
0 comments Monday, July 21, 2014Read On
It has been proposed to insert a new clause in section 56(2) to provide that any advance received on transfer of capital assets shall be chargeable to tax under head 'income from other sources', if such sum is forfeited and the negotiations do not result in transfer of capital assets. A consequential amendment is also proposed to section 2(24) to include such income in the definition of the term 'income'.
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Under the existing provisions of aforesaid section 12A, conditions to be fulfilled by a trust or an institution before it can claim exemption have been provided under sections 11 and 12 of the Act. It is provided that before any benefit of exemption is claimed, the trust or institution should apply for registration under section 12AA and only after such registration has been granted such trust or institution shall be eligible to claim the benefit of such exemption. In case of trusts or institutions which apply for registration after the 1st day of June, 2007, the registration shall be effective only for the assessment years following the financial year in which application has been made.
0 comments Sunday, July 20, 2014Read On
The Finance Bill, 2014 proposes to restrict the benefits under sections 54 and 54F for investment in purchase or construction of one residential house in India. Following two changes are proposed in section 54F:
0 comments Wednesday, July 2, 2014Read On
CBDT in its instruction No. 2/2014 [F No. 500/33/2013-FTD-l], Dated 26-02-2014 issued in view of the judicial develpments in the cases of GE India Technology P Ltd. vs CIT  7 taxmann.com and Transmission corporation of AP Ltd v. CIT  105 Taxmann 742 decided by Supreme Court, has stated that a person who fails to deduct tax on payments made to non-residents, will be held as assessee in default only to the extent of tax actualy payable by such NRI and not in respect of TDS on the whole of amount.
0 comments Saturday, June 28, 2014Read On
Opening up a money-spinning career proposition for lawyers in the country, the Bar Council of India (BCI) has written to the Union ministry of finance and tax authorities such as Central Board of Direct Taxes (CBDT) that lawyers must be authorised to sign and furnish tax audit certificates/reports, which has been hitherto the bastion of chartered accountants.
0 comments Sunday, June 15, 2014Read On
Another situation which in many of the cases under the Punjab VAT, which dealers are facing is the disallowance of input tax credit on the ground that the registration of seller of the goods has been cancelled or normally it is stated in the assessment orders that the person from whom goods have been purchased is a cancelled dealer.
0 comments Tuesday, June 10, 2014Read On
The system of VAT was introduced in the sales tax law to bring more transparency, efficiency, to remove tax cascading etc. The difficulties which may arise in any system comes to picture only when the system is practically implemented.
0 comments Saturday, May 17, 2014Read On
As per section 39A of Punjab VAT Act, 2005, the Punjab VAT Refund Fund has been constituted and the amount of tax collected as Advance Tax under Section 6(7) shall be credited directly into the said Fund. It has been provided that the Fund shall be maintained and operated by the Department of Excise and Taxation in such manner as may be prescribed. It has also been provided that after allowing the refund claims from the Fund, the balance amount shall be deposited in the Consolidated Fund of the State as may be prescribed.
0 comments Wednesday, April 30, 2014Read On
CIRCULAR NO. 9/2014 [F.NO.225/182/2013/ITA.II], DATED 23-4-2014
It has come to the notice of the Board that disputes have arisen as to whether the expenditure incurred on development and construction of infrastructural facilities like roads/highways on Build-Operate-Transfer ('BOT') basis with right to collect toll is entitled for depreciation under section 32(1)(ii) of the Act or the same can be amortized by treating it as an allowable business expenditure under the relevant provisions of the Income-tax Act, 1961 ('Act').
2 comments Monday, April 28, 2014Read On
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