Tax on lotteries under Punjab Tax on Lotteries Act, 2005 changed

0 comments Wednesday, March 16, 2011
The relavant notification is produced herebelow for ready refernce of readers:

GOVERNMENT OF PUNJAB

DEPARTMENT OF EXCISE AND TAXATION

(EXCISE AND TAXATION II BRANCH)

NOTIFICATION

The March 11, 2011

No.S.O.              In exercise of the powers conferred by section 4 of the Punjab Tax on Lotteries Act, 2005 (Punjab Act No. 18 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following amendment with immediate effect, in the schedule, appended to the said Act, namely :-

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Extension of the Period of Limitation for assessment under Punjab VATAct without notice justified?

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Section 29(4) of Punjab VAT Act 2005 provides that an assessment u/s
29(2) or 29(3) may be made within three years after the date when the annual statement was filed or due to be filed, whichever is later.

Proviso to the said sub section further provides that where circumstances so warrant, the Commissioner may, by an order in writing, allow assessmnent of a taxable person or of a registered person after three years, but not later than six years from the date, when annual statement was filed or due to be filed by such person, whichever is later.

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