Presumptive income scheme under budget 20162 comments Tuesday, March 1, 2016
I. Amendments to section 44AD:
The existing provisions contained in the said section (applicable to individual, HUF or partnership firm) provides that notwithstanding anything to the contrary contained in section 28 to 43C, in the case of an assessee engaged in an eligible business having total turnover or gross receipts not exceeding one crore rupees, a sum equal to 8% of the total turnover or gross receipts, or, as the case may be, a sum higher than the aforesaid sum declared by the assessee in his return of income, shall be deemed to be the profits and gains of such business chargeable to tax under the head "Profit and gains of business or profession".
Further, under the existing scheme as per proviso to section 44AD(2), where the eligible assessee is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) of section 44AD subject to the conditions and limits specified in section 40(b).
The Indirect Tax Dispute Resolution Scheme, 2016 - A Step Towards Resolving Pending Litigations1 comments
1.0 Introduction:
The Finance Bill, 2016 has proposed THE INDIRECT TAX DISPUTE RESOLUTION SCHEME, 2016 for indirect tax disputes. The scheme is new to the indirect tax laws and is proposed to aimat resolving the litigations pending under the said Acts in a peacefull manner. The scheme is optional and provides relief to those litigants who want to buy peace of mind. The scheme is analysed as follows:
10 Big Tax-Related Announcements In Budget 20161 comments
Finance Minister Arun Jaitley did not change income tax slabs in his third Budget, but he did tweak some deductions and announced multiple new cesses, which will impact tax liability for the common man.
Here is a complete list of new tax measures announced in Budget 2016:
Pilot project for online issuance of ‘C’ forms for dealers of District Mohali0 comments Friday, January 22, 2016
Public Notice
Subject: Launching of Pilot Project for
online issuance of ‘C’ forms in SAS Nagar, Mohali.
Kind Attention : Dealers/Lawyers/Chartered Accountants/Other
Stakeholders of S.A.S Nagar Mohali
Services by Excise and Taxation Department brought under Punjab Right to Service Act, 20110 comments Sunday, January 17, 2016
The Government of Punjab has notified the additional
services, stipulated time limit, designated officers, first appellate
authorities and second appellate authorities for the purpose of Section 3 of
the Punjab Right To Service Act, 2011. This new notification has also brought
many services provided by Excise and Taxation department Punjab such as
registration, cancellation, issuance of refund/penalty/assessment orders etc,
under the ambit of Right to Service Act, 2011.
Punjab Govt. promuglates new ordinance on entry tax with retrospective effect from 06.05.20150 comments Tuesday, December 15, 2015
The Punjab Government has
promuglated new ordinance namely THE PUNJAB DEVELOPMENT OF TRADE, COMMERCE
AND INDUSTRIES (VALIDATION) ORDINANCE, 2015 to levy entry tax on the goods
specified in the schedule apended to such ordinance. The schedule appended
to such ordinance contains only one item i.e. sugar.
VAT on all automobiles reduced to 12% under Punjab VAT Act, 20051 comments Thursday, November 19, 2015
The Punjab Government,
Excise and Taxation department, Punjab has reduced VAT on all automobiles
(i.e. commercial vehicles, passenger vehicles, three wheelers, two wheelers)
from 13% to 12%. That means now all automobiles will be taxable @
13.2%(after adding surcharge of 10% as applicable u/s 8-B of PVAT Act, 2005.)
Due date for efiling of VAT-20 of year 2014-15 extended to 30th November 20150 comments
GOVERNMENT OF PUNJAB
DEPARTMENT OF EXCISE & TAXATION
PUBLIC NOTICE
KIND ATTENTION: DEALERS/CHARTERED ACCOUNTANTS/LAWYERS/OTHER STAKEHOLDERS
This is to inform all the concerned that the last date of e-filing of VAT-20 for the year 2014-15 has been extended till 30th November, 2015.
Excise & Taxation Commissioner, Punjab
Mere bonafide mistake in calculating reversal of ITC does not attract penalty-Punjab VAT Tribunal0 comments Tuesday, November 17, 2015
In one of my cases namely M/s Shree
Ganesh Roller Flour Mills Akalpur Road, Phillaur, District Jalandhar Versus The
State of Punjab. Appeal No. 38 of 2015 decided on 10.09.2015 it has been
decided by Punjab VAT Tribunal that mere bonafide mistake in calculating
reversal of ITC does not attract penalty. The matter remanded back to DETC(A)
for passing a speaking order considering the observations of the Tribunal.
Amendment to Section 2(14)(III)(b) relating to measurement of distance aerially to apply prospectively1 comments Friday, October 9, 2015GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE CENTRAL BOARD OF DIRECT TAXES NEW DELHI
Circular No. 17/2015 Dated : 06th October, 2015
SUBJECT : MEASUREMENT OF THE DISTANCE FOR THE PURPOSE OF SECTION 2(14)(III)(B) OF THE INCOME-TAX ACT FOR THE PERIOD PRIOR TO ASSESSMENT YEAR 2014-15.
"Agricultural Land" is excluded from the definition of capital asset as per section 2(14)(iii) of the Income-tax Act based, inter-alia, on its proximity to a municipality or cantonment board. The method of measuring the distance of the said land from the municipality, has given rise to considerable litigation. Although, the amendment by the Finance Act 2013 w.e.f. 1.04.2014 prescribes the measurement of the distance to be taken aerially, ambiguity persists in respect of earlier periods.
2. The matter has been examined in light of judicial decisions on the subject. The Nagpur Bench of the Hon. Bombay High Court vide order dated 30.03.2015 in ITA 151 of 2013 in the case of Smt. Maltibai R Kadu has held that the amendment prescribing distance to be measured aerially, applies prospectively i.e. in relation to assessment year 2014-15 and subsequent assessment years. For the period prior to assessment year 2014-15, the High Court held that the distance between the municipal limit and the agricultural land is to be measured having regard to the shortest road distance. The said decision of the High Court has been accepted and the aforesaid disputed issue has not been further contested.
3. Being a settled issue, no appeals may henceforth be filed on this ground by the officers of the Department and appeals already filed, if any, on this issue before various Courts/ Tribunals may be withdrawn/ not pressed upon. This may be brought to the notice of all concerned.
(D S CHAUDHRY) CIT (A & J), CBDT, New Delhi. ITR For A.Y 2014-15 can now also be e- verified0 comments Wednesday, October 7, 2015
Government of India
Ministry of Finance
Department of Revenue
Central Board of Direct Taxes
North Block,
New Delhi,
the 6 th of October, 2015
Order under section 119(1) of Income-tax Act, 1961
All you need to know about tax free bonds1 comments
Tax-free bonds are a very attractive investment opportunity available for an investor. Tax-fee bonds offer good diversification within the fixed income category with the additional advantage of tax-free gain alongside safety of capital. i.e., no tax on the interest and get the full slice of interest without any cut – 100% yours.
Documents required for luxury tax registration in Punjab0 comments Sunday, October 4, 2015
Luxury Tax Registration
To apply for new ‘Luxury Tax registration’ the below documents are needed to submit in concerned district office front window by dealer who is applying for new Registration:-
Documents required for Punjab VAT registration0 comments Friday, October 2, 2015
Value Added Tax (VAT)
To apply for new registration for VAT/CST in punjab the below documents are needed to submit in concerned district office front window by dealer who is applying for new Registration:-
Back to back sub-contracting- No VAT leviable on profit element of main contractor3 comments Sunday, September 20, 2015
In the construction and real estate industry it is common practice for the Contractors to sub contract the whole of the contract for execution on back to back basis. While sub-contracting on back to back basis the main contractor retains its profit element from the total consideration received from the contractee. In such case the question which arises whether such profit element is subject to any tax under VAT. Judgement in writ petitions challenging section 62(5) of PVAT Act reserved by High Court1 comments Thursday, September 10, 2015
Earlier I had shared with my readers that I had filed writ petitions along with other similar petitions challenging the Constitutional validity of section 62(5) of Punjab VAT Act, 2005 before Punjab & Haryana High Court.
The arguments in all such writ petitions have been finally concluded and the judgement has been reserved by the Hon'ble Punjab and Haryana High Court on 09.09.2015.
Writ petitions challenging enhancement of assessment period from 3 to 6 years under Punjab VAT dismissed by High Court0 comments Saturday, August 8, 2015
The Punjab and Haryana high court on 07.08.2015 dismissed the petitions of more than 150 firms operating in Punjab which had challenged amendment in the VAT (value-added tax) Act, 2005 by the state government in 2013.
As per rough estimates and arguments of the state in the high court, there will be a revenue benefit of more than Rs 100 crore with this order.
Due date of efiling of Punjab VAT return for Q1 of year 2015-16 extended0 comments Thursday, July 30, 2015
GOVERNMENT
OF PUNJAB
DEPARTMENT OF EXCISE & TAXATION PUBLIC NOTICE Representation on claim of Input Tax Credit on LPG by hotel industry under PVAT Act, 20050 comments Saturday, July 25, 2015
I had prepared a reprsentation on allowance of input tax credit on purchase of LPG to the Hotel Industry. This representation was prepared on behalf of Hotel Industry of Punjab and has already been sent to Dy. Chief Minister of Punjab on 15.05.2015. The Dy. CM Punjab has already forwarded this representation to the Financial Commisasioner Taxation, Punjab for necessary action.
It is worth noting that LPG is a main input tax credit for hotel industry, however, the input tax credit on the purchase of the same is not allowed by the revenue on the basis of section 13(5)(b) of Punjab VAT Act, 2005. The letter of representation is as under:
Interim stay on section 62(5) of Punjab VAT Act, 20050 comments Wednesday, July 8, 2015
The Hon'ble Punjab & Haryana High Court in one of writ
petitions challenging the constitutional vires of section 62(5) of Punjab VAT
Act, 2005 filed by me has granted interim stay on adopting coercive measures
for recovery of 25% pre-deposit as required under the said section for hearing
of appeal and also has made an order as to non dismissal of appeal for want of
such pre-deposit.
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