1 comments Saturday, July 31, 2010
CBDT has extended the due date for filing income tax returns for assessment yeas 2010-11 has been extended till 4th August 2010. All paper and efilled returns will be considered as filed within due date if filed on or before 4th August 2010.
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New VAT form 16-A and 16-B notified for Brick Klin and Dhaba owners opting for lump sum payment of tax under Punjab VAT Act 2005

1 comments Thursday, July 15, 2010

The Excise and taxation department has notified new VAT form returns 16A and 16B for the Brick Klin owners and Dhaba owners respectively under the new rule 36-A added to Punjab VAT Rules. These  returns forms are required to be filed quatorly by those brick klin and dhaba owners who opt for the Lump Sum payment of tax under Punjab VAT Act 2005. The relevant notification as well as the form 16-A and 16-B are available for download at the official website of the department and the same is reproduced herebelow for ready reference.  

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Efiling of Income Tax Return made compulsory for Individuals and HUFs who are covered under section 44AB

6 comments Sunday, July 11, 2010
The Efiling of ITR 4 has been made compulsory by the Income Tax Department for the Assessment year 2010-11 for those individuals and HUFs who are required to get their accounts audited u/s 44AB of Income Tax Act by a notofication No.49/2010[F.No.142/15/2010-TPL], dated 9-7-2010.Earlier it was only Firms  who were liable to get their accounts audited u/s 44AB and the companies were compulsorly required to file their ITR online.
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Filling Stations in Punjab need not to calculate Input Tax or Output Tax on Petrol and Diesel under Punjab VAT Act 2005

1 comments Thursday, July 8, 2010

Filling Station dealers i.e. Retail outlets of oil companies are not required under the Punjab VAT Act 2005 to calculate output tax or input tax on the sale and purchase of petrol and diesel in view of explanation 8 which was added lately to section 2(zg) explaining the sale price of oil companies in relation to the petrol and diesel under the Punjab VAT Act which runs as under:
“The amount received or receivable by oil companies for the sale of diesel and petrol, shall be deemed to be equivalent to the price, on which the retail outlets will sell these commodities to the consumer”

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