Rent received on Mobile Towers is liable for VAT and not service tax-Karnataka HC0 comments Thursday, August 4, 2011Karnataka High Court in a very important case namely Essar Telecom Infrastructure (P.) Ltd. Versus Union of India has held that giving Mobile Towers on rent is not a service but is a transfer of right to use goods and is liable to VAT by State Governments. Implications of this judgement would be that the rent received on mobile towers given from cellular companies would be considered as deemed sales and consequently VAT will be payable on such rent received. Collecting jewellery of 906.900 grams by a woman in a married life of 25-30 years is not abnormal-Delhi HC0 commentsDelhi High Court in an important case namely Ashok Chadha V Income Tax officer decided on 05/07/2011 has held that stree dhan in the form of jewellary received during the span of 25 years cannot be said to be unexplained investment u/s 69A of Income Tax Act, 1961. It is a normal custom for woman to receive jeweller in the form of "stree dhan" or on other occasions such as birth of child etc. Collecting jewellery of 906.900 grams by a woman in a married life of 25-30 years is not abnormal.
Non-residents not entitled to benefit of section 112 of Income Tax Act, 1961-AAR0 comments Tuesday, August 2, 2011The applicant, a company based in Scotland sold shares of Cairns India Limited to Petronas Corporation Intl. Limited for a consideration of USD 241,426,379 in off-market-mode and not through a recognized stock exchange. The assessee filed an application for advance ruling claiming that it was entitled to the benefit of the Proviso to s. 112 (1) and liable to pay tax at 10% of the capital gains. The Revenue resisted the plea on the ground that the benefit of the Proviso to s. 112 was available only to assessees who were eligible to the benefit of indexation in the second proviso to s. 48 and as the assessee was not eligible for indexation, it could not claim the benefit of the lower rate of tax in the Proviso to s. 112. HELD upholding the Revenue’s plea:
Gain from sale of Depericiable asset is short term even though no depericiation claimed in last two years-Kerala HC0 commentsKerala High Court in an important Judgement has held that gain arising from the sale of a depericiable asset on which depericiation was not claimed deliberately in last two years by the assessee will still be treated as Short Term Capital Gain. The assessee in this case did not claim the depericiation in the last two years on an asset which was depericiated in earlier years and such asset was used for business purposes in earlier years and formed part of block of assets. Gain arising out of sale of such asset was treated as LTCG by assessee, claiming that in view of section 50 depericiation was not allowed/claimed on such asset and the said asset has ceased to be part of the block of assets. Challan Form B to be used for depositing institutional tax in Punjab0 comments Wednesday, July 20, 2011
Challan form B for depositing institutional tax in Punjab has been notified. The form can be downloaded herebelow:
Challan Form B EXEMPTION FROM FILING OF INCOME-TAX RETURN : CBDT's FAQs0 comments Tuesday, July 19, 2011 What is the purpose of this notification and who are proposed to be exempted from the requirement of filing of the return? 1. The primary objective of this notification is to exempt those salaried taxpayers from the requirement of filing income-tax returns, who have (i) total income not exceeding Rs. 5,00,000, and (ii) the total income consists only of income chargeable to income-tax under the head 'Salaries' and interest income from savings bank account if such interest income does not exceed Rs. 10,000.
Amended VAT 23 and VAT 24 return forms in Punjab suspended- News0 comments
Recently amended VAT 23 and VAT 24 return forms which contained columns like Trade Name and Commodity names have been suspended as per a news published in Daily Hindi Newspaper. As per this news now the dealers will be able to upload old VAT 23 and VAT 24 forms. The new forms have faced lot of opposition from the dealers across the State.
VAT on Aviation Fuel sold at Amritsar Airport reduced in Punjab to 5.5%0 comments
VAT on Aviation Fuel when sold at Amritsar Airport has been reduced by Punjab Government to 5.5%(including surcharge). However Aviation fuel sold at some other places remains to be taxable @ 20%.
Relevant notification is as follows: Files relating to cases u/s 51 of PVAT Act should be transferred to place where dealer stays0 comments Monday, July 18, 2011
Punjab Tax Bar Association (PTBA) has asked the state government to transfer all files relating to goods carriers, which were detained at check points of value added tax or central sales tax and released following the payment of security, to the district headquarters where the dealer is registered.
Assessee entitled to refund even if it is not claimed in the return form-Delhi HC0 comments Sunday, July 17, 2011I have found the following Judgement of Delhi High Court as very important one on the issue of refunds. Visualising Article 265 of Constitution of India which lays down that no tax shall be levied/collected except with the authority of law, the Delhi HC has held that the Income Tax Departmnent is bound to issue due refund to the assessee even if no refund has been claimed in the return of income.
Public notice on new form VAT 2B stating banks where it is to be deposited0 comments Friday, July 15, 2011PUBLIC NOTICE EXCISE & TAXATION DEPARTMENT, PUNJAB GOVT. OF PUNJAB ATTENTION:- TAXABLE PERSONS, ADVOCATES, CHARTED ACCOUNTANTS, COST ACCOUNTANTS. Subject: New Challan Form VAT-2B for deposit of 20% Additional Tax (SURCHARGE)
Efiling of VAT Return for the quarter ending 30th June, 2011 in Punjab extended to 16th August- Public notice on efiling.0 comments
Punjab Government has extended the due date for efiling of quarterly vat returns of the period 01-04-2011 to 30-06-2011 from 30th July 2011 to 16th August 2011 in view of the difficulties faced by dealers due to new VAT 23 and VAT 24 forms. However there has been no change in the due date of tax deposit, tax will be deposited by 30th July 2011 in case of cash and by 20th July in case of payment by cheque.
No penalty leviable on the basis of provisional assessment-PVAT Tribunal0 comments Thursday, July 14, 2011
Punjab VAT Tribunal in a very important case namely Surya Batteries V State of Punjab(2011) 39 PHT 333(PVT) has held that the tax liability of a person whose provisional assessment u/s 30(1) of PVAT Act, 2005 is made, is to be determined after he has filed the annual returns in the prescribed form. In such case no penalty is leviable on the assessee till then.
Digital Signature Certificate made mandatory w.e.f 1st July 2011 for Firms and Individuals0 comments Wednesday, July 13, 2011 Digital Signature Certificate made mandatory w.e.f 1st July 2011 for Firms and Individuals whose accounts are required to be audited u/s 44 AB of the Income Tax Act' 1961. Click here to download notification no. S.O. 1497(E) dated 1st July 2011 in this regard. If the last day of payment of tax is Sunday then the payment of tax on next day is considered within time-Relevant Law and case laws.0 commentsTax under Punjab VAT Act 2005 needs to be deposited by a dealer within a period of 30 days in case of cash and 20 days in case of payment by cheque from the end of the quarter or month as the case may be depending upon the fact whether dealer is required to file return quarterly or monthly.
Carry forward of unabsorbed depericiation is automatic-Ahmedabad ITAT0 comments
I have found the following Judgement of Ahmedabad ITAT as very important wherein it has been held that carry forward of unabsorbed depericiation is always automatic and no prior particular conditions are required to be fulfilled for carry forward of unabsorbed depericiation.
Think twice before choosing Lump sum payment of tax in Works contracts under PVAT Act1 comments Sunday, July 10, 2011
If you want to choose lump sum scheme for payment of tax in works contracts without maintaining any books of accounts under Punjab VAT Act, 2005, you should think twice before choosing it.
Proviso to section 8(2-A) of Punjab VAT Act and Rule 15(6) of Punjab VAT Rules deals with the lump sum payment of tax under Punjab VAT in works contracts. VAT rates on LPG and Diesel reduced under PVAT Act, 20050 comments Friday, July 8, 2011Rates of Tax on Diesel and LPG under Punjab VAT Act 2005 have been reduced by Punjab Govt vide notification dated 01-07-2011. The relevant notification is produced herebelow:
Efiling with digital signature made compulsory for Indviduals/HUFs and Firms covered u/s 44AB0 comments Saturday, July 2, 2011In an important amendment in rule 12 of Income Tax Rules, 1962, e-filing of Income Tax Returns with digital signature in ITR 4 and ITR 5 forms for Indviduals/HUFs and Partnership Firms who are covered u/s 44AB(i.e who are required to get their books of accounts audited u/s 44AB) has been made compulsory.
PAN now mandatory for Rs 5 lakh and above jewellery purchases1 comments Thursday, June 30, 2011Be ready to mandatorily flash your PAN card, for any purchase of jewellery worth Rs five lakh or more from tomorrow -- a move that would help the tax department keep an eye on such high value transactions.
As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs five lakh or more for purchase of bullion or jewellery.
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