AMIT BAJAJ ADVOCATE

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: