Efiling of Income Tax Return made compulsory for Individuals and HUFs who are covered under section 44AB6 comments Sunday, July 11, 2010The Efiling of ITR 4 has been made compulsory by the Income Tax Department for the Assessment year 2010-11 for those individuals and HUFs who are required to get their accounts audited u/s 44AB of Income Tax Act by a notofication No.49/2010[F.No.142/15/2010-TPL], dated 9-7-2010.Earlier it was only Firms who were liable to get their accounts audited u/s 44AB and the companies were compulsorly required to file their ITR online.
Filling Stations in Punjab need not to calculate Input Tax or Output Tax on Petrol and Diesel under Punjab VAT Act 20051 comments Thursday, July 8, 2010Filling Station dealers i.e. Retail outlets of oil companies are not required under the Punjab VAT Act 2005 to calculate output tax or input tax on the sale and purchase of petrol and diesel in view of explanation 8 which was added lately to section 2(zg) explaining the sale price of oil companies in relation to the petrol and diesel under the Punjab VAT Act which runs as under: “The amount received or receivable by oil companies for the sale of diesel and petrol, shall be deemed to be equivalent to the price, on which the retail outlets will sell these commodities to the consumer” Understanding the provisions relating to Transfer Pricing under Income Tax Act 19611 comments Sunday, June 20, 2010With the advent of MNCs(Multi National Concerns) a trend has also been adopted by the MNCs to structure their investments and business strategy in such a way that profits are maximized in such jurisdictions where tax rates are low, which give rise to the emerging problem of transfer pricing all over the world. Many countries have made laws to deal with the issue of transfer pricing. Validity of the Entry Fees/Tax imposed on the vehicles carrying Pilgrims By State of J & K3 comments Thursday, June 17, 2010Jammu and Kashmir government said on 10th June, 2010 that Rs 2,000 would be charged as entry fee per vehicle carrying pilgrims to the cave shrines of Mata Vaishnodevi and Amarnath for a period of 3 days.
According to a notification issued by the government under Jammu and Kashnir Motor Vehicle Taxtion Act, 1957, the vehicles carrying passengers to Mata Vaishnodevi Yatra would be charged Rs 2,000 at entry point for a period of 3 days and after that Rs 2,000 will be charged per day. Compulsory Maintenance of books of account under Income Tax Act 196119 comments Saturday, June 5, 2010 It is generally seen that there is confusion among taxpayers about maintenance of books of accounts under Income Tax Act like who is required compulsorly to maintain the books of accounts and for how many years one has to keep his books of accounts. Some views are expressed on this topic as follows:
Maintainence of books of accounts by Professionals: Section 44AA of Income Tax Act and rule 6F of Income Tax rules deal with the provisions regarding maitenance of books of accounts under Income tax Act. As per section 44AA(1) read with rule 6F the persons carrying on any of the profession as mentioned below are required to maintain books of accounts and other documents as may enable the assessing officer to compute his total income, if yearly gross receipts of the profession exceeded Rs 150000 Meaning of Turnover or sales for the purpose of Tax Audit0 comments Monday, May 31, 2010A person is required to get his accounts audited u/s 44AB if
1)The turnover of business exceeds Rs 60 Lakhs, or 2)The Gross Receipts of Profession exceed Rs 15 Lakhs. In case of business what should be the meaning of turnover/sales? Should it be Gross sales or net sales? Should it include VAT, Sales tax or excise duty? The meaning of turnover/sales for the purpose of tax audit is dissussed as follows: ASSESSMENTS UNDER PUNJAB VAT ACT 20050 comments Sunday, May 30, 2010 Assessment under the Punjab VAT Act 2005 are made u/s 29. The assessment under Punjab VAT Act is made after the filing of the VAT 20 i.e annual return except in the case of Provisional Assessment. The assessment of Tax under section 29 of Punjab VAT Act 2005 can be done by two ways which can be discussed as follows:
Assessment on the basis of return filed by the dealer: Assessment may be framed on the basis of the return or returns filed by the taxable persons u/s 29(1) . Where the return is filed under Sec.26 the assessing officer under Rule 43 scrutinizies the same and proceed to make assessment under Sec. 29(1) of the Act. Section 29(1) of Punjab VAT Act 2005 runs as under: Rule 36 of Punjab VAT Rules regarding monthy filing of VAT returns ammended0 comments Wednesday, May 26, 2010Rule 36 of Punjab VAT rules which deals with the filing of VAT returns has been ammended w.e.f 18/05/2010 vide notification No . G.S.R. /P.A.8/2005/S.70/Amd.( )/2010. s.The second and third Proviso to Rule 36 (1) have been ammended to provide that the monthly VAT returns are now required to be filed by only those dealers whose annual tax liability was Rs 2 Lakh or more in the previous Year and once the dealer's annual tax liability exceeds Rs 2 lakhs he will continue to file his monthly VAT returns in Form VAT 16 for all the subsequent years irrespective of the fact that his annual tax liability becomes less than Rs 2 lakhs in the subsequent years.
List of relitives U/S 56(2)VII of Income Tax Act 19610 comments Friday, May 21, 2010Relatives from whom Gift is permissible under Income Tax Act List of Male Donors List of Female Donors Father (Papa or Pitaji) Mother (Maa or Mummy) Brother (Bhai) Sister (Bahin) Son (Beta or Putra) Daughter (Beti or Putri) Grand Son (Pota or Potra) Grand Daughter (Poti or Potri) Procedure for VAT registration under Punjab VAT Act 2005 and CST Act 19560 comments Wednesday, May 19, 2010Who is required to get registered as a VAT Dealer under Punjab VAT Act 2005 Every person, except a casual trader and one dealing exclusively in goods declared tax free, whose gross turnover during the year exceeded the taxable quantum, as provided below, is liable to pay tax under the Punjab VAT Act by way of VAT on the taxable turnover. (i) in relation to any person, who imports taxable goods for sale or use in manufacturing or processing any goods in the State, rupee one; Excess ITC can be utilised for payment of 25% of additional demand u/s 62(5) of PVAT Act 20050 comments Sunday, May 9, 2010I have written an article earlier explaining the provisions of section 15(3) of Punjab VAT Act 2005. Section 15 of Punjab VAT Act deals with the Net Tax Payable by a taxable person. According to section 15(3) excess ITC after adjustment u/s 15(2) shall be adjusted against any outstanding tax, penalty or interest under this Act or under the Central Sales Tax Act, 1956, as the case may be.
Thus not only penalties but also any outstanding Tax or interest can be adjusted from the Excess ITC. Now the Punjab VAT Tribunal has confirmed in Ganesh Iron and General Store, Killinwari (muktsar) Vs. State of Punjab decided on 18-05-2009 [(2010) 14 STM 486 (PVAT-Tri.)] that excess ITC can also be utilised for payment of additional demand which is pre condition for hearing appeal. Section 51 of PVAT Act 20050 comments Sunday, May 2, 2010Under section 51 of PVAT Act 2005 information collection centres have been esteblished by the Punjab Government at various places with a view to prevent and check the evasion and avoidance of tax under PVAT Act. Section 51(1) of PVAT Act authorizes the state government to esteblish such information collection centre or check posts by notification. DOCUMENTS TO BE CARRIED WITH GOODS VEHICLE: According to sub section 2 of section 51 the owner or person incharge of a goods vehicle needs to carry with him the following documents: 1)a goods vehicle record, SARAL II FORM(ITR-1) NOTIFIED FOR THE A.Y 2010-110 comments Tuesday, April 27, 2010The most awaited SARAL II form i.e ITR-1 has been notified by the CBDT for the A.Y 2010-11 vide notification dated 23/04/2010. The new SARAL II Form is different from the earlier ITR-1 form in many respects.
The new SARAL II (ITR-1) form is of two pages only. The earlier ITR-1 form was also of two pages but the earlier ITR form could be filed by only those assessee who had income from the salaries/Pension and Income from Interest if any. But the new form can be filed by the asseessees having salary/pension Income, Income from one house property (excluding loss brought forward from previous years),Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses). FIRs should be made compulsory0 comments Sunday, April 18, 2010FIR means First Information Report i.e report about the happening of a crime. Whenever anyone meet with a crime or see the crime happening and he informs the police, it should constitute an FIR and police should not refuse to register it.
But the reality is that the whenever a common man goes for registering a FIR its never easy for him. It is generaly seen that the Police always first start enquiring about the crime whether it has happened or not instead of registering FIR. But actualy what should happen is that after registering the FIR the enquiry should be started because the basis of Police enquiry should be FIR. Provisions of Section 269SS and 269T under Income Tax Act39 comments Sunday, March 28, 2010
Finance is the important part and need of every business. The own capital of a person may not be always sufficient to meet the needs of finance of the business. Therefore the Loans and deposits become necessary and important to meet the financial needs of the business. But while taking loans and accepting deposits one also has to keep in mind the restrictions imposed under the Income Tax Act on the mode of taking such loans and deposits.
Such provisions regulating the mode of accepting or taking loans or deposits and mode of repayment of certain loans and deposits are contained under section 269SS and 269T of the Income Tax Act 1961. Input Tax Credit on goods purchased under the PVAT Act is admissible only upto the fourth stage of its Purchase0 comments Monday, March 22, 2010The Punjab VAT Rules have been ammended to provide for that the input tax credit on purchase of goods from manufacturer or importer will be available to a dealer only upto the fourth stage of its purchase. The dealers will also have to mention on the bills that on which stage he is selling the goods. VAT form 23 and 24 has also been ammended to this effect.
The relevent notification is reproduced herebelow for ready reference: The VAT Forms under PVAT Act been updated0 comments Sunday, March 21, 2010The VAT forms i.e VAT 15 form has been updated in view of the change in the rate in the PVAT Act on schedule B goods from 4% to 5% and additional surcharge levied @ 10%. The next quatorly VAT Return under the PVAT Act 2005 is due to be filed in the next month of april.
All the software companies dealing in VAT E filling softwares and the dealers, C.As and Lawyers practising PVAT Act and accountants have been waiting for the changes in the VAT return forms in view of the increase in VAT rate from 4% to 5% on schedule B goods and the surcharge levied @ 10% under the PVAT Act 2005. The relevent important changes made in the worksheet of VAT form 15 regarding the changed rate and surcharge is as follows: Precondition of Deposit of 25% of tax penalty interest u/s 62(5) of PVAT Act 2005 not neccessary where the goods are detained by the Department0 comments Tuesday, March 16, 2010Section 62(5) of the PVAT Act 2005 provides for the precondition of deposit of 25% of total amount of tax, penalty and interest , if any before entertaining any appeal. Such condition was also imposed evan on those appealent whose entire goods are detained by the department u/s 51 evan if the value of such detained goods exceed the total amount of tax, penality, interest. In such cases it results in burdening the assessee with another liability.
Proposed Imporant Changes in Income Tax in the budget of 2010-20110 comments Friday, February 26, 2010The Budget for the year 2010-11 has been presented on 26/02/2010. The proposed important changes in Income Tax Act 1961 and rates in the finance bill 2010 are provided here below:
MALE RESIDENT INDIVIDUAL AND HINDU UNDIVIDED FAMILY (HUF) SLAB INCOME TAX RATE Upto Rs. 1,60,000 Nil. Penalities under PVAT or CST Act can be adjusted against Excess Input Tax Credit0 comments Wednesday, February 24, 2010Section 15 of PVAT Act 2005 deals with the Net Tax Payable by a taxable person. Sub section 1 of Section 15 provides that the output tax under PVAT Act shall be adjusted from the Input Tax Credit for determining Net Tax Payable by a taxable Person. If any excess ITC is still left then it is to be adjusted from the CST liability under CST Act 1956 at the option of the taxable person as per section 15(2) of PVAT Act.
Section 15(3) of PVAT Act provides that the Excess ITC if any left after adjustment of output tax or CST liability u/s 15(1) and 15(2) then such ITC shall be adjusted against any outstanding tax, Penality or Interest under PVAT Act 2005 or CST Act 1956 as the case may be.
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