VAT on rice and VAT TDS on works contracts hiked to 5% in Punjab-News

0 comments Wednesday, September 28, 2011
The Punjab Cabinet today gave approval to enhance the rate of VAT on rice from 4 to 5 per cent while it slashed the VAT on Sevian (Vercelli) from 12.5 per cent to 5 per cent.

Stating this here today, an official spokesman said the Cabinet also approved to convert the Punjab Value Added Tax (Fourth Amendment) Ordinance, 2011 and Punjab Value Added Tax (Third Amendment) Ordinance, 2011 into Acts in the coming session of the Punjab Vidhan Sabha. The (Third amendment) ordinance deals with provisions introduced relating to advance payment of VAT.
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Punjab VAT-Nakku and Kinni made tax free and tax on pre-owned cars being imposed

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The Government of Punjab has made Nakku and Kinni the by-products of rice as tax free items by including them in schedule A of the Punjab VAT Act, 2005. It should be noted that Nakku and Kinni except when used by distillieries were taxable @ 5%, but now both the items have been made tax free without any condition.

Tax on pre-owned cars have also been imposed at the rate of 3000 per car if the engine capacity doesnot exceed 1000cc and 5000 in other cases. The relevant notification is being produced herebelow:    
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No penalty u/s 271B, If the audit report is obtained within the due date, but return is filed after the due date.

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I have had a discussion lately on the topic whether penalty u/s 271B is imposable in case the audit report u/s 44AB is obtained within the due date of filing the ITR u/s 139 but the ITR is filed after such due date? I have tried to examine such situation out of my Legal conscience as follows:


The due date for filing Income Tax Return for corporate and those assessees who are required to get their accounts audited is 30th september every year.  The Due date for furnishing Audit report u/s 44AB to the Income Tax Department is also 30th september every year.
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