DTC set to miss deadline again

0 comments Friday, August 12, 2011
The implementation of the Direct Taxes Code appears set to miss its deadline once again.

The Direct Taxes Code (DTC) Bill, introduced in Parliament on August 30 last year, proposes to replace the 50-year-old Income Tax Act.

Initially proposed to come into force from April 2011, the code’s deadline had been extended to April 2012 as the draft Bill was referred to a Parliamentary standing committee.
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Time limit of assessment for year 2007-08 of some dealers enhanced in Punjab

Time limit of assessment year 2007-08 cases of certain dealers has been enhanced to six years by Excise and Taxation Department, Punjab. Ussualy time limit for assessment is three years unless extended by Commissioner. The opportunity of being heard to contest such extension order has been provided by a public notice being displayed on the official website of the Department. The question is whether such alternative service of public notice on the website is valid in view of Rule 86 of PVAT Rules, 2005 (which deals with manner of service of notice), especially when all the dealers may not be computer/internet literate.
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