When assessment under Punjab VAT Act gets time barred.-Time limit for assessments

1 comments Tuesday, June 14, 2011
Assessments under Punjab VAT Act 2005 are framed u/s 29 of the Act. But there is time limit for completing the assessement under PVAT Act, after which no assessment can be framed. Here below I am attending the issue of time limit prescribed under section 29 of Punjab VAT Act, 2005 for framing assessment.

Assessment u/s 29(2) and 29(3) can be framed within three years: Section 29(4) of Punjab VAT Act provides that an assessement u/s 29(2),29(3) may be made within a period of three years after the date when annual statement was filed or due to be filed whichever is later.
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