AMIT BAJAJ ADVOCATE

There are many presumptive income schemes for small businessmen engaged in civil construction, transport business, retailers etc. A person covered under these schemes can declare his income under these sections on presumptive basis and can get himself free from the botheration of maintaining regular books of accounts u/s 44AA.

However these provisions are optional and an assessee covered under these schemes can also declare income outside such schemes by declaring lower profits as compare to what is required under these presumptive schemes. But in such case he will have not only to maintain compulsory books of accounts u/s 44AA but also will have to get his books of accounts audited u/s 44AB.

There are many sections under the Punjab VAT Act where the word Designated officers is used. Many  powers under the Punjab VAT Act 2005 like of assessments, of levying penalties etc have been conferred on the Designated Officers. These Designated officers are appointed and conferred powers upon under section 3 of Punjab VAT Act 2005. Wherein the state govt has been authorised to confer various powers under the Punjab VAT Act 2005 on the different officials and allow them to act as designated officers under various sections of the PVAT Act 2005 by issuing a notification to that effect.

The due date for filing income tax return for  corporate aseessees and other aseessees who are  required to get their accounts audited under Income Tax Act 1961 or under any other law for the time being in force is 30^th September and for others it is 31^st July every year as have been prescribed u/s 139(1).

These due dates are also sometimes extended by the CBDT as this year has been done, extending the due date from 31^st July to 4^h August. For a layman sometimes it may create doubt if he fails to file his return of Income within due date, whether he can file his return of Income after the due date, especially when  he is under no obligation  to get his accounts audited under Income Tax Act or under any other law.

With 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. India has been a late enterant in making provisions under the Income Tax Act to tackle the issue of transfer pricing. Although there existed section 92 under Income tax Act 1961 but there were not relevant rules which could help tackle the issue of transfer pricing. Section 92A to 92F had been inserted to deal with transfer pricing by the Finance Act, 2001. Some views are expressed in this article as below explaining provisions under the Income Tax Act 1961 dealing with transfer pricing.

(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;

Under 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,