CBDT's clarification on allowance of depericiation in BOT contracts

0 comments Wednesday, April 30, 2014
CIRCULAR NO. 9/2014 [F.NO.225/182/2013/ITA.II], DATED 23-4-2014
It has come to the notice of the Board that disputes have arisen as to whether the expenditure incurred on development and construction of infrastructural facilities like roads/highways on Build-Operate-Transfer ('BOT') basis with right to collect toll is entitled for depreciation under section 32(1)(ii) of the Act or the same can be amortized by treating it as an allowable business expenditure under the relevant provisions of the Income-tax Act, 1961 ('Act').
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Input Tax Credit w.e.f 01.04.2014 under Punjab VAT Act, 2005

2 comments Monday, April 28, 2014
Input tax credit is a concession granted by the State Government against the output tax liability on the sale or purchase of goods within the State jurisdiction. To avail such concession one has to fullfill the conditions imposed by the statue subject to which such concession is available.

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Advance tax on five new items levied under Punjab VAT Act, 2005

0 comments Sunday, April 6, 2014
Punjab Government has levied Advance VAT on 5 new items w.e.f 07.03.2014 these items are as follows:
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Further amendments in items taxable at single stage under Punjab VAT

0 comments Tuesday, April 1, 2014
Notification No. S.O. 23/P.A.8/2005/S.8/2014.- Dated 25th March, 2014

Whereas the State Government is satisfied that circumstances exist, which render it necessary to take immediate action in public interest;

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