Step by step guideline for Efiling of VAT-20

1 comments Friday, November 30, 2012
A new website has been launched by the Excise & Taxation Department, Punjab namely COTIS upgrading the system of efiling of VAT returns. Efiling of VAT-20 will also be done on this new website. E-filing of VAT-20 will be done by uploading Xml file, which can be  generated  from the Smart Form VAT-20 software utility and then such XML file will be uploaded.
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Excel utility for filing VAT-20 online

0 comments Thursday, November 29, 2012

VAT-20(Annual Statement) under Punjab VAT Act, 2005 is going to be online w.e.f 01-12-2012. I have received the excel utility software for filing VAT-20 online. The same can be downloaded as below:

Online VAT-20

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Trade mark is "Goods", royalty for its use is liable to VAT


 Kerala High Court in Malabar Gold Private Limited vs. CTO has held that Trader Mark falls within the definition of goods and royalty received for use of Trade Mark is a deemed sale as transfer of right to use goods and liable to VAT/sales tax.

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Income from other source credited to P & L A/C cannot be discarded for computing partner's remuneration

0 comments Wednesday, November 28, 2012

  The assessee-firm derived its income from profession as an advocate. In the profit and loss account, the assessee-firm credited certain amount received as licence fee and compensation for use of shared facilities.
 In the course of assessment, the Assessing Officer opined that since the aforesaid income was not a professional income, the same could not form part of 'book profit' for computation of allowable remuneration to partners under section 40(b).
  The Commissioner (Appeals) upheld the assessment order.
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Crucial date of sale for issuing C forms

0 comments Sunday, November 25, 2012

Many a times I have received a query from different parts of the country that what is the crucial date of sale to be taken while issuing of C forms under CST Act, 1956 i.e whether date of invoice or the date on which goods are received by the purchasing dealer? 

C form is a form for the concessional rate of CST on the inter-state sale of goods and is issued by purchasing dealer in one State to the selling dealer in another State for the inter-state sales transactions done  during the period of three months i.e a quartar.
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Public Notice for exporters of paddy/rice-is it contempt of court?

0 comments Saturday, November 24, 2012

Excise & Taxation Department, Punjab has issued a public notice for Exporters of Paddy/Basmati Paddy/Rice directing them to pay the purchase tax on purchase of paddy even if the rice manufactured out of it is exported. 

It has been further directed in the public notice that dealers exporting rice/paddy should pay purhase tax on the paddy and then they may claim refund afterwards of such purchase tax paid when rice are exported.

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Punjab VAT-Circular and Public notice on works contracts

0 comments Wednesday, November 21, 2012

Punjab circular – Works contract – TDS Deposit guideline

Circular no.01/VAT-1/2012/TD/                              Dated 9-11-2012

1.         The tentative draft paragraph titled "Taxation on works contracts under PVAT" intended for inclusion in Comptroller & Auditor General of India Audit report (Revenue Receipts) of Punjab government for year 2011-12 has highlighted the deficiencies in compliance to provisions of Punjab VAT Act, 2005 by various Departments of State government.
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Advocates of Punjab & Haryana to submit form with photographs to Bar Council for updation

0 comments Saturday, November 17, 2012

Bar Council of Punjab & Haryana is updating its Roll of Advocates enrolled with it. Hence a direction has been issued to all Advocates of Punjab & Haryana for submission of information in the form annexed with the letter issued as produced herebelow. The letter as well as the application form is being produced herebelow for all concerned readers of the blog.
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VAT-20 for year 2011-12 can be filed manually till 20-11-2012

0 comments Friday, November 16, 2012

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Discount after the sale is also a trade discount if given in regular practice of trade


Supreme Court In IFB Industuries Limited vs State of Kerala has held that trade discounts doesnot mean only those discounts which are given on invoice but discounts given after the sale in accordance with the regular practice of trade is also a trade discount and the deduction of the same should be allowed for determining taxable turnover for the purpose of sales tax/VAT.
In this case a division bench of the Kerala High Court has held that unless the discount was shown in the invoice itself, it would not qualify for deduction and further that any discount that was given by means of credit note issued subsequent to the sale of the article was in reality an incentive and not trade discounteligible for exemption under rule 9(a) of the Rules.
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Meaning of expression "Similarly Placed Person" in context of Entry Tax Deferment in Punjab

0 comments Wednesday, November 14, 2012

As we know the Punjab Tax on Entry of Goods into Local Areas Act, 2000 was stayed by Punjab & Haryana High Court in Bhushan Power & Steel Limited vs State of Punjab in CWP 15378 of 2008. Thereafter a lot of writ petitions were filed challenging the said act on similar grounds as was in Bhushan Power & Steel case, whereby the Hon'ble High Court in CWP 18609 of 2011 passed the following order"

"Learned counsel for the petitioners placing reliance upon an order passed by this Court in C.M. No. 2467 of 2011 in C.W.P. No. 15378 of 2008 Bhushan Power & Steel Limited v. The State of Punjab and others, on 28.3.2011 submitted that as the petitioners in these writ petitions are also similarly placed, interim order in the same terms be passed in the present petitions.

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Worship of Hindu Gods is not “religious activity for the purpose of section 80G

0 comments Thursday, November 8, 2012

  Nagpur ITAT has held in Shiv Mandir Devsttan Panch Committee Sanstan vs. CIT that “Hinduism” is not a religion & worship of Hindu Gods is not “religious purpose” while deciding the application for granting of certificate u/s 80G of Income Tax Act.

It is notable that certificate u/s 80G is granted to those organizations only who are established for charitable purposes and Explanation 3 to section 80G provides that charitable purpose doesnot include a purpose which is of religious nature

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Time limit for filing ITR-V forms for A.Ys. 2010-11 and 2011-12 extended to 31-12-2012

0 comments Thursday, November 1, 2012

Notification NO. 1/2012 under CPR Scheme 2011 [F. No. DIT(S)-III/ITR-V Extension/2012-13], Dated 23-10-2012

In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the 'Centralized Processing of Returns Scheme, 2011', issued vide C B D T Notification No. SO 16(E) dated 4.1.2012, the Director General of Income Tax (System) hereby extends the time limit for filing ITR-V forms relating to Income Tax Returns filed electronically (without digital signature Certificate) for A.Y. 2010-11 (filed during F.Y. 2011-12) and for A.Y. 2011-12 (filed on or after 1st April, 2011). These ITR-V forms can now be filed upto 31st December, 2012 or within a period of 120 days from the date of uploading of the electronic return data, whichever is later. This direction is issued to mitigate the hardship and grievance of the tax payers who have been prevented by reasonable causes to file the ITR-V in time.
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