Files relating to cases u/s 51 of PVAT Act should be transferred to place where dealer stays0 comments Monday, July 18, 2011
Punjab Tax Bar Association (PTBA) has asked the state government to transfer all files relating to goods carriers, which were detained at check points of value added tax or central sales tax and released following the payment of security, to the district headquarters where the dealer is registered.
Assessee entitled to refund even if it is not claimed in the return form-Delhi HC0 comments Sunday, July 17, 2011I have found the following Judgement of Delhi High Court as very important one on the issue of refunds. Visualising Article 265 of Constitution of India which lays down that no tax shall be levied/collected except with the authority of law, the Delhi HC has held that the Income Tax Departmnent is bound to issue due refund to the assessee even if no refund has been claimed in the return of income.
Public notice on new form VAT 2B stating banks where it is to be deposited0 comments Friday, July 15, 2011PUBLIC NOTICE EXCISE & TAXATION DEPARTMENT, PUNJAB GOVT. OF PUNJAB ATTENTION:- TAXABLE PERSONS, ADVOCATES, CHARTED ACCOUNTANTS, COST ACCOUNTANTS. Subject: New Challan Form VAT-2B for deposit of 20% Additional Tax (SURCHARGE)
Efiling of VAT Return for the quarter ending 30th June, 2011 in Punjab extended to 16th August- Public notice on efiling.0 comments
Punjab Government has extended the due date for efiling of quarterly vat returns of the period 01-04-2011 to 30-06-2011 from 30th July 2011 to 16th August 2011 in view of the difficulties faced by dealers due to new VAT 23 and VAT 24 forms. However there has been no change in the due date of tax deposit, tax will be deposited by 30th July 2011 in case of cash and by 20th July in case of payment by cheque.
No penalty leviable on the basis of provisional assessment-PVAT Tribunal0 comments Thursday, July 14, 2011
Punjab VAT Tribunal in a very important case namely Surya Batteries V State of Punjab(2011) 39 PHT 333(PVT) has held that the tax liability of a person whose provisional assessment u/s 30(1) of PVAT Act, 2005 is made, is to be determined after he has filed the annual returns in the prescribed form. In such case no penalty is leviable on the assessee till then.
Digital Signature Certificate made mandatory w.e.f 1st July 2011 for Firms and Individuals0 comments Wednesday, July 13, 2011 Digital Signature Certificate made mandatory w.e.f 1st July 2011 for Firms and Individuals whose accounts are required to be audited u/s 44 AB of the Income Tax Act' 1961. Click here to download notification no. S.O. 1497(E) dated 1st July 2011 in this regard. If the last day of payment of tax is Sunday then the payment of tax on next day is considered within time-Relevant Law and case laws.0 commentsTax under Punjab VAT Act 2005 needs to be deposited by a dealer within a period of 30 days in case of cash and 20 days in case of payment by cheque from the end of the quarter or month as the case may be depending upon the fact whether dealer is required to file return quarterly or monthly.
Carry forward of unabsorbed depericiation is automatic-Ahmedabad ITAT0 comments
I have found the following Judgement of Ahmedabad ITAT as very important wherein it has been held that carry forward of unabsorbed depericiation is always automatic and no prior particular conditions are required to be fulfilled for carry forward of unabsorbed depericiation.
Think twice before choosing Lump sum payment of tax in Works contracts under PVAT Act1 comments Sunday, July 10, 2011
If you want to choose lump sum scheme for payment of tax in works contracts without maintaining any books of accounts under Punjab VAT Act, 2005, you should think twice before choosing it.
Proviso to section 8(2-A) of Punjab VAT Act and Rule 15(6) of Punjab VAT Rules deals with the lump sum payment of tax under Punjab VAT in works contracts. VAT rates on LPG and Diesel reduced under PVAT Act, 20050 comments Friday, July 8, 2011Rates of Tax on Diesel and LPG under Punjab VAT Act 2005 have been reduced by Punjab Govt vide notification dated 01-07-2011. The relevant notification is produced herebelow:
Efiling with digital signature made compulsory for Indviduals/HUFs and Firms covered u/s 44AB0 comments Saturday, July 2, 2011In an important amendment in rule 12 of Income Tax Rules, 1962, e-filing of Income Tax Returns with digital signature in ITR 4 and ITR 5 forms for Indviduals/HUFs and Partnership Firms who are covered u/s 44AB(i.e who are required to get their books of accounts audited u/s 44AB) has been made compulsory.
PAN now mandatory for Rs 5 lakh and above jewellery purchases1 comments Thursday, June 30, 2011Be ready to mandatorily flash your PAN card, for any purchase of jewellery worth Rs five lakh or more from tomorrow -- a move that would help the tax department keep an eye on such high value transactions.
As per the amendments in the income tax rules, coming into effect from July 1, quoting PAN (Permanent Account Number) will be mandatory for any payment of Rs five lakh or more for purchase of bullion or jewellery. Faliure to furnish form 15H by deductor within time would not attract penalty-P&H HC0 commentsThe Punjab & Haryana High Court in an important case namely Manager, Union Bank of India Ludhiana Versus Commissioner of Income Tax Ludhiana has held that faliure to submit form 15H within time by the Bank would not attract any penalty proceedings u/s 272A(2)(f) since its a default of technical nature. Relying upon the judgment in The Commissioner of Income Tax Vs. State Bank of Patiala, [2004 -TMI - 10582 - PUNJAB AND HARYANA High Court ] wherein it had been held that unless there was a deliberate default in furnishing the certificates and if no loss of revenue had occasioned due to the said unintentional default on the part of the assessee, no penalty was exigible, the case is decided in favour of assessee by the High Court.
Exemption u/s 54F available even against depericiable assets if period of acquisition is equivalent to long term capital asset0 commentsDelhi High Court has held in an important case that exemption u/s 54F of Income Tax Act, 1961 will also be available against depericiable asset if it is a long term capital asset i.e if it has been acquired for more that a period of three years.
Proposed guidelines for strike off name u/s 560 of the Companies Act, 1956 of non profit companies which have been granted license u/s 25 of Companies Act, 19560 comments Ministry of Corporate Affairs has released proposed guidelines for strike off name of Companies registered u/s 25 of Companies Act, 1956 i.e Non Profit Companies, which may be implemented after recommendations from general public. It is to be noted that whereas various easy exit schemes have been provided for other defunct companies but there is no such scheme for the Non Profit Companies who have been granted licence u/s 25 of Companies Act, 1956 and who have stopped working. These proposed guidelines if implemented would help a lot such Non Profit Companies who have stopped their activities and want their name to be struck off u/s 560 of Companies Act, 1956. Scrutiny on the basis of AIR should be limited to AIR transactions only0 commentsF.No.225/26/2006-ITA.II (Pt.) Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes New Delhi, dated the 8th September, 2010
HUF is relative for the purpose of gift exemption u/s 56(2)(v) of Income Tax Act, 19610 comments Wednesday, June 29, 2011The Rajkot ITAT has held in an important case namely Vineetkumar Raghavjibhai Bhalodia vs. ITO that HUF is included in the list of relative and gift from HUF will be exempt as HUF is also a group of relatives. This is very important decision in my view as per this order if a person recieves gift from his HUF then such gift will be termed as gift from relative and no tax implications would arise.
Madras HC stayed collection as well as registration under service tax on lawyers0 commentsAfter the stay of service tax on lawyers by Delhi, Gauahati and AP High Courts, Madras High Court has also stayed the levy of service tax on Lawyers. Madras High Court has not only interimly stayed levy and collection of service tax on lawyers but also has restrained the service tax department from compelling the lawyers to get registered under the Service Tax Law.
Download new VAT Return Forms efiling excel utility software under Punjab VAT Act, 20052 comments Tuesday, June 28, 2011Punjab Government Excise and Taxation Department has finaly released excel based e-filing software utility for e-filing of VAT Return Forms. It is to be noted that VAT 23 and VAT 24 return forms which relates to details of sales and purchase within the state, were changed recently. New VAT 23 and 24 return forms contains information related to the details of commodity vise sales and purchase. List of commodities which have to be mentioned in the return forms VAT 23 and 24, has also been provided.
Point of taxation rules amended to allow consulting engineers to pay service tax on receipt basis0 commentsThe Point of Taxation rules, 2011 has been amended expanding the scope of services which are allowed to pay service tax on reciept basis, to the consulting engineers services. In the rule 7(c) of the said rules clause (g) has also been added which relates to the "taxable services provided or to be provided to any person, by a consulting engineer in relation to advice, consultancy or technical assistance in any manner in one or more disciplines of engineering including the discipline of computer hardware engineering."
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