Union Budget 2011-12 Highlights0 comments Monday, February 28, 2011· Critical institutional reforms set pace for double-digit growth · Scaled up flow of resources infuses dynamism in rural economy · GDP estimated to have grown at 8.6% in 2010-11 · Exports grown by 9.6%, imports by 17.6% in April-January 2010-11 over corresponding period last year · Indian economy expected to grow at 9% in 2011-12. · Five-fold strategy to deal with black money. Group of Ministers to suggest ways for tackling corruption · Public Debt Management Agency of India Bill to come up next financial year · Direct Tax Code (DTC) to be effective from April 01, 2012 · Phased move towards direct transfer cash subsidy to BPL people for better delivery of kerosene, LPG and fertilizer mooted · Rs.40,000 crore to be raised through disinvestment in 2011-12 · FDI policy to be liberalized further · SEBI registered mutual funds permitted to accept subscription from foreign investors who meet KYC requirement · FII limit for investment in corporate bonds in infrastructure sector raised · Additional banking license to private sector players proposed · Rs.6000 crore to be provided in 2011-12 for maintaining minimum Tier I Capital to Risk Weighted Asset Ratio (CRAR) of 8% in public sector banks · Rs.500 crore to be provided to regional rural banks to maintain 9% CRAR · India Microfinance Equity Fund of Rs.100 crore to be created by SIDBI · Rs. 500 crore Women SHG Development Fund to be created · Micro Small and Medium Enterprises MSME gets boost as Rs. 5000 crore provided to SIDBI and Rs.3000 crore to NABARD · Existing housing loan limit enhanced to Rs.25 lakh for dwelling units · Provision under Rural housing Fund enhanced to Rs.3000 crore · Allocation under Rashtirya Krishi Vikas y · Allocation of Rs.300 crore to promote 60000 pulses villages in rainfed areas · Rs. 300 crore vegetable initiative to achieve competitive prices · Rs.300 crore to promote higher production of nutri-cereals · Rs.300 crore to promote animal based protein · Rs.300 crore · Credit flow to farmers raised from Rs.3,75,000 crore to Rs.4,75,000 crore · Rs.10,000 crore for NABARD’s Short Term Rural Credit Fund for 2011-12 · 15 more mega food parks during 2011-12 · National food security bill to be introduced this year · Capital investment in storage capacity to be eligible for viability gap funding · 23.3% increase in allocation for infrastructure · Tax-free bonds of Rs.30,000 crore proposed by government undertakings · Environmental concerns relating to infrastructure projects to be considered by Group of Ministers · National Mission for Hybrid and Electric Vehicles to be launched · 7 Mega clusters for leather products to be set up · Allocation for social sector increased by 17% amounting to 36.4% of total plan allocation · Bharat Nirman · Rural broadband connectivity to all 2.5 lakh panchayats in three years. · Bill to amend Indian Stamp Act to introduce. Rs.300 crore · Significant increase in remuneration of Angawadi workers and helpers · Allocation for education increased by24%. Rs.21,000 crore · 1500 institute of higher learning to be connected by March 2012 with Knowledge Knowledge Network. · National Innovation Council set up. Additional Rs.500 crore for National Skill Development Fund · Plan allocation for health stepped up by20% · Indira Gandhi National Old Age Pension Scheme liberalized further · Rs.200 crore for Green India Mission · Rs.200 crore for cleaning of rivers · Rs.8000 crore · 10 lakhs Aadhaar( · Fiscal deficit kept at 4.6% of GDP for 2011-12 · Income Tax exemption limit for general category in individual tax payers enhanced from Rs.1,60,000 to Rs.1,80,000 · Qualifying age for senior citizens lowered to 60; senior citizen above 80 year to get Rs.5,00,000 IT exemption · Surcharge on corporate lowered to 5% Share | Download Complete Budget Speech0 commentsThe Budget Speech as given by Finance Minister as on 28/02/2011 can be downloaded by clicking at the following link which will take you to My files: Budget Speech Share | Income declared u/s 44AD- Assessee not liable to explain each entry of cash deposit.3 comments Saturday, February 26, 2011I have found the following Judgement very useful for small assessees who declares their income under presumptive income schemes and I am sharing it here for benefit of all concerneds. It has been held by Hon'ble Punjab & Haryana High court in the following judgement that where the assessee has declared his income u/s 44AD(Presumptive Income scheme) then addition cannot be made on the basis of cash deposits in the bank account, if such cash deposit correlates with the gross receipts of the assessee. In my view this Judgement should also apply to other presumptive income sections like Section 44AF,44AE, 44AD(new) etc. Brief Facts: The assessee filed its return of income on 16.11.2005 declaring an income of Rs.1,40,120/-. The said return had been filed showing the business income of Rs.1,60,120/- under Section 44AD of the Act. The Assessing Officer did not accept the return and made an addition of Rs.14,95,300/- in respect of the cash deposited in the bank account during the year. On appeal, the Commissioner of Income-tax (Appeals) accepted the appeal of the assessee vide order dated 8.1.2009 (Annexure A-2) holding that the assessee was not required to maintain regular books of account as the return had been filed under Section 44AD of the Act as the turnover was below Rs.40 lacs. Unless the turnover was disputed, the addition made by the Assessing Officer was not justified. It was also recorded that since the cash deposits in the bank statement were lower than the business receipts shown by the assessee and in the bank statement there were withdrawals as well as deposits, the addition was unjustified. Verdict: Section 44AD of the Act was inserted by Finance Act, 1994 w.e.f. 1.4.1994. Sub-section (1) of Section 44AD clearly provides that where an assessee is engaged in the business of civil construction or supply of labour for civil construction, income shall be estimated at 8% of the gross receipts paid or payable to the assessee in the previous year on account of such business or a sum higher than the aforesaid sum as may be declared by the assessee in his return of income notwithstanding anything to the contrary contained in Sections 28 to 43C of the Act. This income is to be deemed to be the profits and gains of said business chargeable of tax under the head “profits and gains” of business. However, the said provisions are applicable where the gross receipts paid or payable does not exceed Rs.40 lacs. Once under the special provision, exemption from maintaining of books of account has been provided and presumptive tax 8% of the gross receipt itself is the basis for determining the taxable income, the assessee was not under obligation to explain individual entry of cash deposit in the bank unless such entry had no nexus with the gross receipts. The stand of the assessee before Commissioner of Income-tax (Appeal) and the ITAT that the said amount of Rs. 14,95,300/- was on account of business receipts had been accepted. Learned counsel for the appellant with reference to any material on record, could not show that the cash deposits amounting to Rs.14,95,300/- were unexplained or undisclosed income of the assessee. CASE LAWS DETAILS DECIDED BY: HIGH COURT OF PUNJAB AND HARYANA , IN THE CASE OF: CIT v. Surinder Pal Anand, APPEAL NO: ITA No. 156 of 2010, DECIDED ON June 29, 2010 FACTS JUDGMENT ADARSH KUMAR GOEL, J. 1. This appeal has been filed by the revenue under Section 60A of the Income Tax Act, 1961 (in short, “the Act”) against the order of the Income Tax Appellate Tribunal (ITAT) dated 29.05.2009 (Annexure A-3) for assessment year 2005-06 proposing the following substantial question of law:- “Whether on the facts and in the circumstances of the case and in law the order of the ITAT is perverse in deleting the addition made by the Assessing Officer, holding that the cash credits were out of business receipts falling u/s 44AD when at no stage the assessee had filed any evidence to show the nature of business and the details of parties from whom so called contract receipts were received and also ignoring the fact of non-deduction of tax on these so called contract receipts.” 2. The assessee filed its return of income on 16.11.2005 declaring an income of Rs.1,40,120/-. The said return had been filed showing the business income of Rs.1,60,120/- under Section 44AD of the Act. The Assessing Officer did not accept the return and made an addition of Rs.14,95,300/- in respect of the cash deposited in the bank account during the year. On appeal, the Commissioner of Income-tax (Appeals) accepted the appeal of the assessee vide order dated 8.1.2009 (Annexure A-2) holding that the assessee was not required to maintain regular books of account as the return had been filed under Section 44AD of the Act as the turnover was below Rs.40 lacs. Unless the turnover was disputed, the addition made by the Assessing Officer was not justified. It was also recorded that since the cash deposits in the bank statement were lower than the business receipts shown by the assessee and in the bank statement there were withdrawals as well as deposits, the addition was unjustified. The relevant observations of the Commissioner of Income-tax (Appeals) are as under:- “11. I have carefully considered the rival submissions. The main issue is in regard to the addition of Rs.14,95,300/- on account of the cash deposits. In appeal, the ld counsel filed the written submissions and it was explained that the assessee could not furnish a reply to the notices issued by the assessing officer as he remains on tour. It was tressed that the assessee has filed return u/s 44AD wherein the assessee need not maintain the books of accounts. It was explained that in the bank statement there was withdrawal as well as deposits. The assessing officer has made additions on account of entries credits in the bank statement and did not look into the withdrawals made by the assessee. It was explained that these are the business receipts and the assessee has already shown income of Rs.1,60,120/- i.e. 8% of the gross receipts of Rs.20 lacs. The total cash credits in the bank statement are lower than the business receipts shown by the assessee. 12. The non-compliance made by the assessee appears to be on account of his nature of work and having no fixed place of business. He remains on tour, etc. In fact, the notices sent by this office could also not be served on the assessee as he was not available. I am in agreement with the contention of the assessee that it is no account case and the return was filed u/s 44AD. The assessee is not required to maintain regular books of account if the turnover is below Rs.40 lacs and the assessee files return u/s 4AD. In view of these facts, the addition made by the assessing officer is deleted and this ground of the assessee is allowed.” 3. On further appeal, the ITAT upheld the order of the Commissioner of Income-tax (Appeals). 4. We have heard learned counsel for the appellant. 5. It was submitted on behalf of the appellant that since from the information available in respect of the cash deposit in bank account of the respondent-assessee, the total deposits made during the year amounting to Rs.14,95,300/- had been made in the said bank account, the assessee having failed to explain the source of the said amount, the addition made by the Assessing Officers was justified. 6. We have considered the submission of learned counsel for the appellant and do not find any merit in the same. 7. Section 44AD of the Act was inserted by Finance Act, 1994 w.e.f. 1.4.1994. Sub-section (1) of Section 44AD clearly provides that where an assessee is engaged in the business of civil construction or supply of labour for civil construction, income shall be estimated at 8% of the gross receipts paid or payable to the assessee in the previous year on account of such business or a sum higher than the aforesaid sum as may be declared by the assessee in his return of income notwithstanding anything to the contrary contained in Sections 28 to 43C of the Act. This income is to be deemed to be the profits and gains of said business chargeable of tax under the head “profits and gains” of business. However, the said provisions are applicable where the gross receipts paid or payable does not exceed Rs.40 lacs. 8. Once under the special provision, exemption from maintaining of books of account has been provided and presumptive tax @ 8% of the gross receipt itself is the basis for determining the taxable income, the assessee was not under obligation to explain individual entry of cash deposit in the bank unless such entry had no nexus with the gross receipts. The stand of the assessee before Commissioner of Income-tax (Appeal) and the ITAT that the said amount of Rs. 14,95,300/- was on account of business receipts had been accepted. Learned counsel for the appellant with reference to any material on record, could not show that the cash deposits amounting to Rs.14,95,300/- were unexplained or undisclosed income of the assessee. 9. In view of the above position, we are unable to hold that any substantial question of law arises in this appeal. 10. The appeal is dismissed. Share | PURCHASE TAX UNDER PUNJAB VAT ACT 20051 comments Thursday, February 24, 2011Normally VAT is leviable on the sales of goods by a dealer but in certain circumstances and on certain goods tax is also levied on the purchases made under Punjab VAT Act 2005. Chapter III of Punjab VAT Act 2005 deals with the purchase tax. The provisions relating to purchase tax under PVAT Act are discussed as follows. When purchase tax is levied: Purchase tax is levied under PVAT Act 2005 in two cases firstly in respect of some goods specified in schedule H and secondly on the taxable turnover of purchase of goods in certain circumstances. 1. Purchase Tax on certain Goods: Section 19 of PVAT Act deals with the levy of purchase tax on certain goods. Some important points from the provisions of section 19 are provided as follows: Non-obstante clause: Firstly the provisions of section 19(1) starts with the word “Notwithstanding any thing contained in this Act” which means that its an non-obstante clause that is to say section 19 will have applicability irrespective of any provision existing contrary to section 19 in the Act.. Purchase tax u/s 19 to be only on goods mentioned in Schedule H :Secondly from section 19(1) it is clear that VAT under PVAT Act 2005 will be levied on the taxable turnover of purchase of the goods specified in Schedule H at the rate applicable to such goods as per the schedules. There are five goods which have been prescribed in schedule H
Purchase tax u/s 19 to be levied only on the first purchase: Section 19(2) provides the manner of leving of purchase tax on the schedule H goods. It lays down that tax shall be leviable on the first purchase of these goods from within the state. However in case of Milk the first purchase, on which purchase tax will be leviable, will be the purchase when is made by a manufacturer of taxable goods. Here first purchase must mean purchasing of goods for the first time mentioned in schedule H after their production. Leviability of purchase tax on schedule H goods doesnot exempt the subsequent sales of such goods from VAT. Proviso to section 19(2) clearly provides that subsequent sales of such goods(on which purchase tax has been paid) shall be liable to VAT as per the provisions of the Act. Rate of Purchase tax: Since the purchase tax on schedule H goods is applicable as per the rates of tax on such goods as applicable in the schedules appended to PVAT Act therefore we need to see the rates in the said schedules. Paddy, wheat and cotton are declared goods under section 14 of CST Act 1956 and are taxable @4% whereas Sugarcane and Milk, when purchased for use in manufacture of any goods other than tax free goods are schedule B items and are taxable @ 5% currently.Hence purchase tax will be 4% on Paddy, Wheat,cotton and on Sugarcane , Milk when purchased for use in manufacture of any goods other than tax free goods, will be 5%, (after adding surcharge it will be 5.5%). Input tax credit of purchase tax paid: As per section 19(4) that purchase tax paid by a taxable person on goods mentioned in schedule H shall be admissible as input tax credit only if the following conditions are satisfied:
Proviso to section 19(4) provides that if purchases of schedule H goods i.e on which purchase tax is leviable, are used partially for the purpose of manufacture of taxable goods and partially for the purpose of tax free goods, then purchase tax paid on such goods shall be admissible as input tax credit proportionately, to the extent, the purchases are used for such purposes in the manner prescribed. ITC of purchase tax to be limited to the extent of CST only if goods sold interstate: Sub section 5 of section 19 provides that if the goods mentioned in schedule H are sold interstate then ITC of purchase tax paid on such goods will be available only to the extent of CST chargeable under CST Act 1956. Thus it means if purchase tax @ 5.5% has been paid on a schedule H good say sugarcane, and such sugarcane is sold interstate by charging CST @ 2% then ITC of purchase tax will be available only to the extent of 2%. 2. Purchase Tax on turnover of purchase of goods in certain circumstances: Section 20 of PVAT Act provides certain circumstances where tax on the purchase of a Registered or Taxable person may be levied. These circumstances have been enumerated so as to ensure that no taxable turnover of any Taxable or Registered person may escape tax under the Act. However this levy of tax on purchase turnover u/s 20 is subject to levy of purchase tax u/s 19 of the Act. Since the proviso to section 19(1) provides that if a tax has already has been paid u/s 19 on certain goods then no tax shall be levied u/s 20 even though circumstances as enumerated u/s 20 exists. Circumstances under which purchase tax u/s 20 may be levied are provided as follows: Where a taxable person purchases taxable goods from a person other than a taxable person or a registered person, and - (a) uses such goods in the manufacture of goods, declared tax-free under section 16; or (b) uses such goods in the manufacture of any goods other than those specified in Schedule-A, and sends the goods so manufactured outside the State otherwise than by way of sale in the course of inter-State trade or commerce or exports out of India; or (c) disposes of such goods in any manner other than by way of sale in the State; or (d) despatches them to a place outside the State otherwise than as a result of sale in the course of inter-state sale, trade or commerce or export out of India, there shall be levied a tax on the taxable turnover of purchases of such goods at the rate applicable to such goods as per the Schedules Purchase Tax on TOT dealer:Sub section 2 of Section 15 further provides that if a registered person (i.e TOT Dealer) purchases taxable goods from a person other than a taxable or registered person then purchase tax shall be levied on the such purchase turnover at the rate as applicable to the goods purchased in the schedules appended to PVAT Act 2005. Share | Some Important recent orders u/s 85 of PVAT Act 20050 comments Wednesday, February 23, 2011Section 85 of the PVAT Act empowers the Commissioner under the Act to determine any disputed question as may arise otherwise than in proceedings before a Court or before the commencement of assessment of a person under section 29. Here some recent important orders of Commissioner u/s 85 of PVAT Act are being shared here: Order dated 25/10/2010 regarding determination of rates of tax on certain goods Name of the Applicant Sh. Naginder Mohan Sharma, S/o Sh. Prithvi Nath Sharma, R/o 41, Hardev Nagar, Street No.10 Kapurthala Road,Jalandhar. Question for determination: Clarification regarding rate of tax applicable on the goods mentioned below: 1. PVC Sole for football Shoe 1. RBR Sole for football Shoe 2. Jogger Sole 3. Running Spikes Plate 4. PVC Sole for cricket Shoe 5. RBR Sole for Cricket Shoe 6. PVC Sole for Badminton Shoe 7. RBR Sole Badminton Shoe 8. Phylone Sole 9. PVC Sole football Stud 10. Football Stud Sole 11. Insole Determination: The above items are not covered under Schedule-B. They do not qualify to be raw material either and therefore are unclassified goods taxable @ 12.5% and surcharge leviable thereon under section 8-B of the PVAT Act, 2005. Order dt 25/10/2010 on section 13(3) of PVAT Act and Rule 20 of PVAT Rules: Name of the Applicant M/s SGS International, 741-742 , Phase-VIII, Focal Point Ludhiana. Relevant section and rule: “Section 13 (3) Where a taxable person sends any goods as such or after being partially processed for further processing on job work basis, he shall debit the ITC by four percent of the value of such goods. If such goods after processing are received back by such person, the ITC debited at the time of despatch, shall be restored. Such person shall, however, be required to produce proper evidence in the shape of records, challans or memos or any other document evidencing receipt of such goods, whenever asked for.” Rule 20 of PVAT Rules: “Eligibility of input tax credit on job work.--Input tax credit shall be allowed, if any taxable goods as such or after being partially processed, are sent by a manufacturer, registered under the Act to a job worker for further processing, testing,. repair, reconditioning or any other purpose , and it is established from the challan or relevant documents produced by the taxable person concerned that the goods in question have been received back by him within a period of ninety days from the date of dispatch to the job worker.” Question for Determination: 1. : Whether Input tax credit debited on transfer of goods for job work can be restored if the goods are received back after a period of ninety days which is against the rule 20 of PVAT Act, 2005. 2. Whether in such cases penalty can be imposed under section 60 of the PVAT Act, 2005, if the taxable goods are covered by proper documents and are received back after 90 days. Determination: 1. The amount of input tax credit debited in respect of taxable goods sent for job work and received back after a period of 90 days can be restored if the taxable person is able to prove with the help of documents that the same goods are received back. It can be accepted as a special case. The dealer should be able to prove / produce sufficient reasons for delay in getting goods back beyond the prescribed limit of 90 days. This delay should be of only few days under special extra ordinary circumstances. 2. If the taxable goods after job work are received back after a period of 90 days the provision of Section 60 of PVAT Act are to be revoked Order dated 26/11/2010 on rate applicable on Battery operated vehicles Name of the Applicant M/s Sewaco Motors, 25-BDA Complex, Near KMV College Pathankot Chowk, Jalandhar. Question for determination: “Whether battery operated vehicles fall under entry no, 94 of Schedule-B of the PVAT Act, 2005 relating to renewable energy devices and spare parts” Determination: The battery operated vehicles do not fall under entry no 94 of Schedule-B and are taxable as unclassified item falling under Schedule-F of the PVAT Act, 2005 and is therefore taxable @ 12.5% in addition to surcharge leviable thereon. The question is determined accordingly. Order dated 29/12/2010 regarding entry at serial no. 133 of Schedule-B of PVAT Act, 2005 Name of the Applicant M/s Promark Techsolutions Pvt. Ltd., Morinda Bye-pass, Ludhiana Highway, Village Badi Madauli, Morinda (Ropar) Relevant entry: 133. Writing Insturments, geometry boxes, colour boxes, brushes for colour boxes, crayons pencil, pencil sharpeners and erasers. Question for determination: “ Whether Black Boards being writing instruments, are covered in Schedule-B appended to the PVAT Act, 2005 and is taxable @ 5% or fall in Schedule-F and liable to tax @ 12.5%” Determination: the entry no. 42 of Schedule-B of the repealed PGST Act, 1948 is different from entry no. 133 of Schedule-B attached to the PVAT Act, 2005. The Black Board cannot be treated as writing instruments rather it is a medium to write on and not an instrument for writing. Hence, the Black Board falls under Schedule-F of PVAT Act, 2005 and is taxable @ 12.5%. Share | Correction in OLTAS Income Tax/TDS challan after payment2 comments Tuesday, February 22, 2011Recently I faced a situation where the tax demand on regular assessment of my client for A.Y 2008-09 was deposited with a nationalized bank but wrongly the said payment of demand was done towards A.Y 2010-11. This situation may have been faced by many assessees because there may always be a possibility of mentioning wrong Assessment year or wrong PAN/TAN etc in the TDS Challan or in Income Tax Challans. In such situation the first thing that comes to mind is how one can get the challan corrected after the payment of tax so that right credit of tax is given to the assessee/deductor concerned. The power to amend such wrong details in challan after payment of tax in OLTAS has been given to Assessing officer and Bank depending upon the type of correction, which has been provided as follows for the benefit of all concerneds. NSDL receives tax collection data as uploaded by the bank. It is not authorized to carry out any changes in the data sent by the bank to TIN. The fields that can be corrected and the entity authorized to carry out corrections are as below:
Thus application should be made for correction to the A.O or Bank in case of any mistake in Income Tax/TDS Challan depending upon the type of correction as mentioned above. Share | Giving Shuttering on hire to builders for use in construction is deemed sales- Rent Received therefrom is liable to VAT under Punjab VAT0 comments Monday, February 21, 2011The word Sale has been defined under section 2(zf) of Punjab VAT Act 2005 as including the transfer of the right to use any goods for any purpose (whether or not for a specified period) for cash, deferred payment or other valuable consideration. Thus transfer of right to use any goods is also considered as deemed sales. Such transfer also includes giving shuttering goods on hire for use in the cource of construction of a building or any other structure. Expenses Disallowed under section 40A(3) and 40A(3A) of Income Tax Act 19610 comments Sunday, February 20, 2011Section 40A(3) of Income Tax Act 1961 provides for disallowance of expenses in respect of which a payment or aggregate of payments made to a person in a day, otherwise than by an account payee cheque drawn on bank or account payee bank draft, exceeds Rs 20000 and Section 40A(3A) provides for the payment in excess of Rs 20000 in a day made otherwise than account payee cheque or account payee bank draft, for an allowance made in the assessment for any year on the basis of incurred liability, to be treated as income of the year in which such payment is made. These relevant and important provisons and exceptions to them are provided as follows GST Information Technology Strategy1 comments Saturday, February 19, 2011I have received The IT strategy for GST implementation. It contains the broad IT plan for enabling GST, which was presented to Government of India and Empowered committee of State Finance Ministers on 21-7-2010. The strategy is very helpful in understanding the procedural aspect of GST and understanding how it will work when comes to IT infrastructure required for implementation of GST as and when it comes into operation. I am sharing it here for the benefit of all readers. It can be downloaded by clicking at the following link which will take you to my files wherefrom it can be downloaded: IT Strategy for GST Share | Checking the Income tax Refund status just a click away1 comments Friday, February 18, 2011The Income tax Refund status can be known just by a click. You just need your PAN and the relevant assessment year for which refund is due. This facility has been provided by www.tin.nsdl.com. I frequently check refund status of my clients at the following link shared for the benefit of all concerneds. Even if you have filed your return mannually you can still check your refund status at the following link, since the refund in mannual returns is also being sent by the Income Tax Department to Refund Banker nowadays and no refunds are issued mannualy at the Department.DTH service is also subject to Entertainment duty in addition to service tax-P&H High Court1 comments Thursday, February 17, 2011Punjab and Haryana High Court in a recent case namely Tata Sky Limited v State of Punjab and another (2011)38 PHT 160 (P&H) has held that levy of entertainment duty on providing entertainment by broadcasting signals on TV sets is intravires of the powers of the State Lagislature. The Petitions of TATA Sky Limited challenging the levy of entertainment duty under Punjab Entertainment Duty Act 1955, has been dismissed. The question which arose for consideration in this case was whether levy of entertainment tax on DTH service Provider is covered by Entry 62 of List II or is tax on broadcasting service covered by Entry 92C of List I. Guidelines for Input Tax Credit(ITC) under PVAT Act 2005- The official verdict0 comments Wednesday, February 16, 2011
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