Rates of Tax on various Goods under Punjab VAT Act 20050 comments Wednesday, May 25, 2011I am sharing hereby various schedules under Punjab VAT Act 2005 prescribing rates of tax(VAT) on various goods in Punjab. I have made every effort to provide the schedules with latest amendments but as we know the rates of goods are changed by Govt from time to time, hence the list of goods and rate of tax on goods mentioned in the schedules should not be taken as final. I will try to update the schedules with latest amendments from time to time for the sake of my knowledge as well as that of readers of my blog. INCOME FROM HOUSE PROPERTY UNDER INCOME TAX ACT 19610 commentsWHAT IS HOUSE PROPERTY? The Income Tax Act classifies 'buildings and/or land appurtenant* thereto as *House Property'. Income derived from vacant plots of land is not charged under this head but under the head Income from other sources' or *business profits'.
The tax under this head is levied upon the owner, legal or beneficial and not upon the occupant. In case the assessee is not the owner but gets rent from sub-letting a property, the income will not be taxed as income from house property, but as income from other sources. Ownership will also include deemed ownership, i.e. persons who purchase properties on Power-of-Attorney basis or under long-term lease (twenty year or more) are also deemed to be owners.
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Rates of Tax on various Goods under Punjab VAT Act 2005Wednesday, May 25, 2011I am sharing hereby various schedules under Punjab VAT Act 2005 prescribing rates of tax(VAT) on various goods in Punjab. I have made every effort to provide the schedules with latest amendments but as we know the rates of goods are changed by Govt from time to time, hence the list of goods and rate of tax on goods mentioned in the schedules should not be taken as final. I will try to update the schedules with latest amendments from time to time for the sake of my knowledge as well as that of readers of my blog. INCOME FROM HOUSE PROPERTY UNDER INCOME TAX ACT 1961WHAT IS HOUSE PROPERTY? The Income Tax Act classifies 'buildings and/or land appurtenant* thereto as *House Property'. Income derived from vacant plots of land is not charged under this head but under the head Income from other sources' or *business profits'.
The tax under this head is levied upon the owner, legal or beneficial and not upon the occupant. In case the assessee is not the owner but gets rent from sub-letting a property, the income will not be taxed as income from house property, but as income from other sources. Ownership will also include deemed ownership, i.e. persons who purchase properties on Power-of-Attorney basis or under long-term lease (twenty year or more) are also deemed to be owners.
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