Capital gain exemption u/s 54 & 54F can be claimed simultaneously for investment in the same house

0 comments Monday, April 22, 2013

Hyderabad ITAT in Venkata Ramana Umareddy vs DCIT has held that Section 54 and section 54F are independent provisions and assessee can claim exemption under both sections for investment in same house.
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No penalty u/s 271(1)(c) merely because books of account rejected and profit estimated on basis of fair gross profit ratio

0 comments Sunday, April 21, 2013


High Court of Gujarat in CIT vs Whitelene Chemicals uphled the order of ITAT deleting the penalty u/s 271(1)(c) which was imposed merely because books of account maintained by assessee were rejected and its profit was estimated on basis of fair gross profit ratio.
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Last date of efiling of Punjab VAT returns Q4 year 2012-13 extended to 9th may, 2013, last date of tax deposit unchanged.

0 comments Friday, April 19, 2013


GOVT. of PUNJAB

Excise and Taxation Department

PUBLIC NOTICE

Dated: 17thApril 2013
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Changes in rates of tax of certain goods under Punjab VAT Act, 2005

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The proposed changes in the Budget of Punjab of year 2013-14, regarding rates of taxes under Punjab VAT Act, 2005 on certain goods have been notified. The changes made in the rates of tax on such goods under Punjab VAT Act, 2005 will be as follows:

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New criteria of institutional tax in Punjab notified

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Punjab Government has reissued notification u/s 3(1) of The Punjab (Instituitions and other Buildings) Tax Act, 2011 leving institutional and Building tax as per the new criteria.

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Entry tax on automobiles in Punjab, no more cheaper vehicles from other States due to difference in rate of tax

0 comments Wednesday, April 10, 2013

Punjab Government has levied entry tax on all motor vehicles purchased from outside the State of Punjab but brought into the local areas of Punjab for registration under Motor Vehicles Act, 1988. 

 The tax has been levied on all the persons except the Taxable persons registered under Punjab VAT Act, 2005 and who exclusively deal in sale and purchase of motor vehicles. Thus entry tax on automobiles will not be payable by the persons registered under Punjab VAT Act and exclusively dealing in sale, purchase of motor vehicles.
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New VAT-2 and CST challan forms for VAT and CST payments notified

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Excise & Taxtaion Department, Government of Punjab has notified new VAT-2 challlan forms for VAT payments under Punjab VAT Act, 2005 and also a new Form-II(CST) challan form for CST payments under CST(Punjab) Rules, 1957. 

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WCT rate in Punjab enhanced from 5% to 6%

0 comments Tuesday, April 9, 2013

Section 27 of the Punjab VAT Act, 2005 has been amended to enhance the rate of Works Contract Tax i.e   tax to be deducted from payments made to contractors and sub-contractor, from 5% to 6%.
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Amendments towards implementation of E-trip in Punjab

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Punjab VAT Act, 2005 has been amended empowering the Excise & Taxation Commissioner, Punjab to implement electronic governance for carrying out various provisions of the Act. This may be a step towards implementation of E-Trip in Punjab.

 A new Section 3-A under the Punjab VAT Act, 2005 has been inserted which runs as follows:
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Efiling of Q4 VAT returns to start from 9th April, 2013

0 comments Wednesday, April 3, 2013



GOVT. of PUNJAB

Excise and Taxation Department

PUBLIC NOTICE

Dated: 1st April 2013
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