Carry forward of unabsorbed depreciation allowed even return filed after due date-Delhi High Court.

0 comments Monday, May 9, 2011
Delhi High Court in an important judgment in a case namely CIT vs. Govind Nagar Sugar Limited (2011) ISI B-469 Del. (H.C.), has held that “The effect of Section 32(2) is that unabsorbed depreciation of a year becomes part of depreciation of subsequent year by legal fiction and when it becomes part of current year depreciation it is liable to be set off against any other income, irrespective of the fact that the earlier years return was filed in time or not.”

Read On

Truck and Bus Body Fabrication are taxable @ 5% under PVAT Act 2005

0 comments
Fabrication of Truck and Bus Body has been included in the schedule B of Punjab VAT Act whereby the said transaction has been made taxable @ 5%(after surcharge it will be 5.5%) under the Punjab VAT Act 2005. The relevant notification is produed herebelow for ready reference of all concerneds:


Read On

VAT return forms changed in Punjab, condition of availability of ITC upto 4th stage also deleted

0 comments

VAT 23 AND VAT 24 Return Forms under Punjab VAT Act 2005 have been amended vide notification  dated 14-03-2011. By this notification the condition of   allowing  ITC on purchase of goods upto 4th stage of purchase from manufacturer or importer has also been done away with. The relevant provisions relating to it i.e Rule 21(7) and clause (m) of sub rule (4) of  Rule 54 which were added last year vide notification dated 17-03-2010, have been deleted.

Read On
Subscribe to: Posts ( Atom )