Download form VAT-20 under Punjab VAT Act, 2005, in excel format3 comments Wednesday, June 20, 2012VAT-20 i.e Annual Statement is required to be filed annually as per the provisions of section 26 of Punjab VAT Act, 2005. The last date of filing VAT-20 in Punjab is 20th November every year.
This form is required to filed with due diligence as it is the final statement of the year and any error made in the quarterly or monthly returns filed during the year can be corrected only in this annual statement. Assessment under Punjab VAT Act, 2005 is also being framed on the basis of VAT-20. Interest for delayed payment of tax under Punjab VAT Act, 20050 comments
Herebelow is the chart showing simple interest leviable on the amount of tax in case of delayed payment of tax under Punjab VAT Act, 2005 under section 32 and section 27(7).It should be noted that such simple interest is not a penal interest and is payable without any requirement of show cause notice and has to be paid along with the delayed payment of tax. Penalties under Punjab VAT Act, 20050 comments
Herebelow I am sharing a complete chart showing the penalties under Punjab VAT Act, 2005 for the benefit of all readers. Please note that as per the provisions of section 61 no penalty can be levied under Punjab VAT Act, 2005 without giving a show cause notice in writing. Fee payable Under Punjab Value Added Tax Act, 20050 comments
Herebelow is the chart showing various fee payable under Punjab VAT Act, 2005 alonmg with the relevant sections and rules of Punjab VAT Act and Punjab VAT Rules, 2005. Time Limits under Punjab Value Added Tax Act, 20050 comments
I am sharing herebelow the various time limits under Punjab VAT Act, 2005 for example time for filing returns, applying registration, payment of taxes etc, hopefully it will be usefull for all concerned readers. No need to furnish PAN to deductors if income below taxable limit-section 206AA is inapplicable in such cases-Karnataka HC0 comments Tuesday, June 19, 2012
Karnataka High Court has held in A Kowsalya Bai vs UOI that section 206AA is not applicable to persons where income is below exempted limit. The Karnataka High Court held in a writ petition filed chalenging the constitutional vires of section 206AA of Income Tax Act, 1961 that S.206AA of the Act is made inapplicable to persons and read down from
the Statute for whose income is less than the taxable limit.
Whether F form is required if goods are sent inter-state for job work or repairs?1 comments Sunday, June 17, 2012
Section 6A of CST Act, 1956 provides that if a dealer claims
that he is not liable to pay CST on an
interstate movement of goods due to the reason that it is not sale and the
goods have been transferred inter-state to any other place of his business or to
his agent or principal, then he will have to produce a prescribed form i.e Form
F to his assessing authority duly signed by the principal officer of his other
place of business or his agent or principal as the case may be.
Capital gain in case of gifted or inherited properties.0 comments Monday, June 11, 2012
A capital asset
being shares and securities is considered as long term capital asset if
it is retained for more than 12 months and 36 months in case of other
assets and gain, if any arising from its sales is considered as long
term capital gain.
In
case of long term capital gains the capital gains is calculated
according to indexed cost of acquisition and improvement. Cost inflation
index of the year of acquisition and improvement is considered for the
purpose of capital gain calculation.
No disallowance u/s 40(a)(ia) when income declared u/s 44AD0 comments Saturday, June 2, 2012ITAT Kolkata relying upon the decision of Punjab & Haryana High Court in CIT vs Surendra Paul reported in 242 CTR 61 (P&H) held that where income is declared u/s 44AD even though books of accounts are maintained, no disallowance u/s 40(a)(ia) for non-deduction of TDS can be made. It was held as under: CBDT's circular on reopening of assessments due to retro law in Finance Act, 20120 comments Thursday, May 31, 2012The Finance Minister had stated earlier that CBDT will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April, 2012; such cases shall not be reopened. Now CBDT has issued a letter confirming statement of Finance Minister. The Letter is as follows: Letter [F.No.500/111/2009-FTD-1(Pt.)], dated 29-5-2012 Service tax (settlement of cases) rules, 20120 commentsService tax (settlement of cases) rules, 2012 NOTIFICATION NO. 16/2012-ST, DATED 29-5-2012 In exercise of the powers conferred by clause (j) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as “the Act”), read with sections 31, 32 and 32A to 32P of the Central Excise Act, 1944 (1 of 1944) made applicable to service tax vide section 83 of the Act, 1994, the Central Government hereby makes the following rules, namely:- Service Tax- Compounding of offences Rules, 20120 commentsNOTIFICATION NO. 17/2012-ST, dated 29-5-2012 In exercise of the powers conferred by clause (i) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994)(hereinafter referred to as “the Act”) read with sub-section (2) of section 9A of the Central Excise Act, 1944 (1 of 1944), made applicable to service tax vide section 83 of the Act, the Central Government hereby makes the following rules, namely : TDS credit mismatching limit restricted to Rs. 5000 from 1 lac for processing of returns of A.Y. 2011-120 comments Sunday, May 27, 2012
CBDT has revised its instructions relating to matching of TDS credit for processing of returns of A.Y. 2011-12. CBDT has withdrawn its earlier instruction No. 01/2012 issued on 2nd Feburary 2012.
Earlier in the withdrawn instruction it was instructed that TDS credit will be allowed if the mismatching in TDS doesnot exceed Rs. 1 lac. Now CBDT has revised this limit to Rs. 5000/- only.
Revised instructions are as follows:
Section 40(a) not applicable to charitable trusts-no disallowance for non deduction of TDS0 commentsMumbai ITAT has held in Mahatma Gandhi Seva Mandir Versus Deputy Director of Income-tax (E) 1(2), Mumbai that provisions of section 40(a) are not applicable while computing income of charitable trusts u/s 11 of Income Tax Act, 1961. In this case disallowance u/s 40(a)(ia) was made by AO while computing income of the assessee-a charitable trust on the ground that TDS was not deducted on the certain payments made by trust and it was violation of section 40(a)(ia). Stamp Papers have no expiry period-valid even after 6 months of purchase0 commentsI have found the following judgement of Supreme Court on the issue of expiry period of stamp papers under Indian Stamp Act, 1899 as very useful one. In this case it has been held by Supreme Court that Stamp Papers do not have any expiry period under The Indian Stamp Act, hence it will be valid even after the purchase of 6 months. Supreme Court in this case held as under: Persons carrying on agency business or earning commission income should revise their return for A.Y 2011-12, if original return filed u/s 44AD0 comments Sunday, May 20, 2012In the Finance Bill 2012 section 44AD has been amended retrospectively w.e.f A.Y. 2011-12 to the effect that presumptive scheme under the said section is not applicable to
persons carrying on profession as referred to in section 44AA(1) or persons earning income in the nature of commission or brokerage income or persons carrying on any agency business. Exemption u/s 54 available on exchange of an old flat with new one0 comments Saturday, May 19, 2012Mumbai ITAT has held in an important case namely Shri Jatinder Kumar Madan vs ITO that exemption u/s 54 will be available for exchange of an old flat with new one as it amounts to construction of a residential house u/s 54 eligible for exemption. It is notable here that exchange of capital asset also amounts to transfer of capital asset u/s 2(47) of Income Tax Act and consequently capital gain arises out of it. Relief u/s 54EC available if investment made within 6 months of receipt of consideration instead of date of transfer0 comments Wednesday, May 16, 2012Pune ITAT in Mahesh Nemichandra Ganeshwade vs ITO taking a liberal view on section 54EC has held that investment u/s 54EC can be made within 6 months from the date of receipt of consideration if the same could not be made within 6 months from the date of transfer of the capital asset.
ITAT relying upon the circular No. 791 dated 02.6.2000 of CBDT wherein CBDT has held in the context of capital gains arising u/s 45(2), that though the transfer arises in the year of conversion of a capital asset into stock-in-trade, the period of 6 months for investment u/s 54E has to be reckoned from the date of sale of the stock-in-trade, allowed the exemption u/s 54EC in such case. Constitutional provisions relating to taxation-How important to understand tax laws0 comments Monday, May 14, 2012Constitution is the foundation and source of powers to legislate all laws in India. Parliament, as well as State Legislatures gets the power to legislate various laws from the Constitution only and therefore every law has to be within the vires of the Constitution. Talking about the taxation laws and the interpretation of taxation laws, every lawyer or a tax professional practicing taxation laws must understand the basic provisions of Constitution relating to taxation including the powers of Parliament and State Legislatures to legislate regarding levy and collection of tax, the restrictions imposed by our Constitution on such powers, entries concerning taxation in Central List i.e List-1 and State List i.e List-2 of Seventh Schedule to Constitution of India. Lump sum sales tax on brick klin owners on the basis of production capacity is unconstitutional0 comments Tuesday, May 1, 2012
Punjab & Haryana High Court in M/s Balaji Bricks Industries & Another v State of Punjab [VSTI 2012 P&H B-238] has held that lump sum scheme for payment of sales tax on the basis of production capacity of Brick Klin owners is ultra vires of Article 246 read with Entry 54, List-II-State List of Seventh Schedule of Constitution. The brick klin owners were being subjected to lump sum tax under section 5(4) of Punjab General sales tax Act, 1948. The grievence of the petitioners was that they(brick klin owners) cannot be subjected to a lump sum tax which is determined on the basis of the capacity of brick klin rather than actual sales.
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