CBDT's instructions on ractification applications u/s 154 of Income Tax Act0 comments Friday, July 5, 2013
The CBDT has issued Instruction No. 03/2013 dated 05.07.2013 with regard to the the directive issued by the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273 on the procedure to be followed on the receipt and disposal of rectification applications filed u/s 154 of the Act. The CBDT has set out a detailed procedure on where applications should be received, the maintenance of registers and their disposal.
As per these instructions it has been strictly directed to all the officers to dispose off the ractification applications u/s 154 within a period preferably of 2 months as prescribed in the citizen charter but not later than 6 months as prescribed u/s 154 of the Income tax Act, 1961.
Applications u/s 154 will also have to be given neccessarly an acknowledgement number and every application is to be filed in the Online Ractification Register.
The CBDT has also issued Instruction No. 04/2013 dated 05.07.2013 with regard to the directive issued by the Delhi High Court in Court on Its Own Motion vs. UOI 352 ITR 273 that the demand should not be enforced in cases where no intimation u/s 143(1) was sent by the field authorities in respect of returns which were processed prior to 31.03.2010.
Hopefully these instructions will help in quick disposal of ractification applications u/s 154 of Income tax act, 1961. The instructions can be downloaded herebelow: CBDT Instructions Share | Authority for advance ruling under State VAT Act cannot give clarifications under CST Act0 comments Tuesday, July 2, 2013
Andhra Pradesh High court in Prathista Industries Limited vs Commercial tax Officer [2013] 61 VST 58 (AP) has held that Authority for advance ruling under State VAT Act cannot act as Authority for Advance Ruling under Central sales Tax Act, 1956. The High Court held that provisions relating to the "Advance ruling" in State Act are not applicable to proceedings for assessment, reassessment, collection and enforcement of payment under CST Act, therefore authority for advance ruling constituted under State VAT Act cannot give clarifications as such authority under Central Saless Tax Act, 1956. Service Tax on Builders2 comments Sunday, June 16, 2013
The revenue and the builders have always been at
dispute when comes to leviability of service tax on the consideration received
in advance by the builders/developers from the prospective buyers of immovable
property to be constructed.
After the negative list regime the construction of a
complex, building, civil structure or a part thereof, including a complex or
building intended for sale to a buyer, wholly or partly has been declared to be
a service liable to service tax. However, if the entire consideration from the
prospective buyer is received after
issuance of completion certificate by competent authority then it is outside
the purview of declared service.
No disallowance of Input Tax Credit for merely not charging VAT seperately in VAT invoice0 comments Thursday, June 6, 2013
Punjab VAT Tribunal
in The 21st Century Builders and Engineers vs State of Punjab VSTI
2013 17 C-388 has held that input tax credit cannot be disallowed merely on the
technical ground that VAT has not been charged separately in VAT invoice, when
tax charged on such VAT invoice is duly deposited by the seller.
New income tax rules for determining net agricultural income0 comments Tuesday, May 14, 2013
Finance Act 2013 Has Inserted New Rules For Computation Of Net Agricultural Income & Amended The Definition Of Net Agricultural Income Vide Section 2(13)(c). Text of Such Rules & section Are As Follows:-
Rules for Computation of Net Agricultural Income
Application for VAT registration cannot be rejected on the ground of insufficient place of business0 commentsMadras High Court in Sri Sundha Metals vs. Commissioner of Commercial Taxes, Ezhilagam, Chepauk, Chennai and another; (2013) 57 VST 73(Madras) has held that registration under VAT Act cannot be denied on the ground that place of business is not sufficient for conducting specified business in the absense of any provision under the Act specifying required area for conducting business. Personal assets required to be disclosed in new ITR forms for A.Y. 2013-14 if income exceeds Rs. 25 lakhs1 comments Tuesday, May 7, 2013
An important change has been made in the new ITR forms launched for the assessment year 2013-14. Now a person having income above Rs. 25 lakh willl have to give information in the income tax return regarding his personal movable and immovable assets except those which are already disclosed in the balance sheet. These details are required to be filed in ITR 3 and ITR 4 forms only and not in ITR 1 and ITR 2 or ITR 4S Confusing law regarding monthly payment of taxes under Punjab VAT Act, 20050 comments Sunday, May 5, 2013
Rule 36 of Punjab VAT Rules read with section 26 along with section 33 of Punjab VAT Act, 2005 prescribe for the perodicity of filing of returns and payment of due taxes. Efiling of audit reports under Income tax and ITRs if income exceeds Rs. 5 lakh now mandatory1 comments Saturday, May 4, 2013
CBDT has finaly notified new Income Tax return forms for the Assessment year 2013-14. Certain amendments have also been made to Rule 12 of Income Tax Rules which are as follows: 1. Mandatory efiling of audit reports: E-filing of following audit reports shall be mandatory in following cases: Download Income Tax Return forms for assessment year 2013-140 comments
CBDT has notified Income Tax Return forms for the assessment year 2013-14. The return forms in PDF files can be downloaded herebelow: Capital gain exemption u/s 54 & 54F can be claimed simultaneously for investment in the same house0 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. No penalty u/s 271(1)(c) merely because books of account rejected and profit estimated on basis of fair gross profit ratio0 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.
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
Changes in rates of tax of certain goods under Punjab VAT Act, 20050 comments
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: New criteria of institutional tax in Punjab notified0 comments
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. Entry tax on automobiles in Punjab, no more cheaper vehicles from other States due to difference in rate of tax0 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. New VAT-2 and CST challan forms for VAT and CST payments notified0 comments
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. 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%. Amendments towards implementation of E-trip in Punjab0 commentsPunjab 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: Efiling of Q4 VAT returns to start from 9th April, 20130 comments Wednesday, April 3, 2013
GOVT. of PUNJAB
Excise and Taxation Department
PUBLIC NOTICE
Dated: 1st April 2013
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