AMIT BAJAJ ADVOCATE

Challan form B for depositing institutional tax in Punjab has been notified. The form can be downloaded herebelow:


Challan Form B

What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return?

1. The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs. 5,00,000, and (ii) the total income consists only of income chargeable to income-tax under the head 'Salaries' and interest income from savings bank account if such interest income does not exceed Rs. 10,000.

Recently amended VAT 23 and VAT 24 return forms which contained columns like Trade Name and Commodity names have been suspended as per a news published in Daily Hindi Newspaper. As per this news now the dealers will be able to upload old VAT 23 and VAT 24 forms. The new forms have faced lot of opposition from the dealers across the State.

VAT on Aviation Fuel when sold at Amritsar Airport has been reduced by Punjab Government to 5.5%(including surcharge). However Aviation fuel sold at some other places remains to be taxable @ 20%.

Relevant notification is as follows:

Punjab Tax Bar Association (PTBA) has asked the state government to transfer all files relating to goods carriers, which were detained at check points of value added tax or central sales tax and released following the payment of security, to the district headquarters where the dealer is registered.

Punjab Government has extended the due date for efiling of quarterly vat returns of the period 01-04-2011 to 30-06-2011 from 30th July 2011 to 16th August 2011 in view of the difficulties faced by dealers due to new VAT 23 and VAT 24 forms. However there has been no change in the due date of tax deposit, tax will be deposited by 30th July 2011 in case of cash and by 20th July in case of payment by cheque.

Punjab VAT Tribunal in a very important case namely Surya Batteries V State of Punjab(2011) 39 PHT 333(PVT) has held that the tax liability of a person whose provisional assessment u/s 30(1) of PVAT Act, 2005 is made, is to be determined after he has filed the annual returns in the prescribed form. In such case no penalty is leviable on the assessee till then.

The users belonging to above mentioned categories who have already registered their digital-signatures may continue to file this year's return also with same DSC. However, the users who are applying for new digital-signatures for registration and subsequent e-filing of returns are advised to apply for DSC-with-encrypted-PAN only.

I have found the following Judgement of Ahmedabad ITAT as very important wherein it has been held that carry forward of unabsorbed depericiation is always automatic and no prior particular conditions are required to be fulfilled for carry forward of unabsorbed depericiation.

If you want to choose lump sum scheme for payment of tax in works contracts without maintaining any books of accounts under Punjab VAT Act, 2005, you should think twice before choosing it.

Proviso to section 8(2-A) of Punjab VAT Act and Rule 15(6) of Punjab VAT Rules deals with the lump sum payment of tax under Punjab VAT in works contracts.