Share of Punjab Municipal Fund in VAT enhanced to 11% from 10%?0 comments Wednesday, June 27, 2012
While making payment of VAT under Punjab VAT Act, payment of VAT(excluding surcharge) has to be made in two parts i.e 10% of VAT in the account of "Punjab Municipal Fund" and 90% in the account of "Excise and Taxation Officer". Whereas surcharge is required to be deposited in two parts i.e 80% in the account of "Excise and Taxation Officer" and 20% of surcharge in the account of "Punjab Municipal Infrastructure Developmenmt Fund". However a single challan namely VAT-2AE is being used for all the payments in different heads. Onus lies on AO to prove an expense as unreasonable or excessive to disallow same u/s 40A(2)(a)0 comments Sunday, June 24, 2012Delhi ITAT has held in DCIT vs Spark Hotels (P) Ltd. that the onus lies on the assessing officer to prove that an expenditure is excessive or unreasonable so as to disallow such expenditure u/s 40A(2)(a). Unless the AO brings on record any material to prove that an expenditure is excessive or unreasonable, no disallowance of such expenditure u/s 40A(2)(a) can be made. Exemption of small service provider is a statutory benefit must be available to ignorant assessee0 comments
Ahmedabad CESTAT has held in Jay Travels v Commissioner of Service Tax that Benefit of small service provider's exemption under Notification No. 6/2005-ST, dated 1-3-2005 being a statutory benefit, should be considered by adjudicating authority. The Tribunal held that since the exemption of basic limit for small service provider is a statutory benefit, hence it is ought to be granted to the innocent person who did not raise the ground that his service charges were below the exempted limit for small service provide, before the lower authorities, hence the matter was remanded by the CESTAT to reconsider the issue a fresh.
14 new services added to negative list w.e.f 01-07-20120 comments Friday, June 22, 2012
While releasing the Guidance Paper Hon'ble Finance Minister also announced some new exemptions as follows:
(a) Service provided by advocates to other advocates and business entities upto a turnover of Rs. 10 lakh in the preceding financial year.
(b) Exemption to firm of advocates on the same lines as individual advocates. CBDT's authorizies AOs to reconcile the disputed demands if already paid0 comments
Section 119 of the Income-tax Act, 1961 – Income-tax authorities – Instructions to subordinate authorities – Authorization of AOs in certain cases to rectify/reconcile disputed arrear demand
Circular No. 4 of 2012, dated 20-6-2012
The Board has been apprised that in certain cases the assessees have disputed the figures of arrear demands shown as outstanding against them in the records of the Assessing Officer. The Assessing Officers have expressed their inability to correct/reconcile such disputed arrear demand on the ground that the period of limitation of four years as provided under sub-section (7) of section 154 of the Act has expired.
Download form VAT-20 under Punjab VAT Act, 2005, in excel format3 comments Wednesday, June 20, 2012VAT-20 i.e Annual Statement is required to be filed annually as per the provisions of section 26 of Punjab VAT Act, 2005. The last date of filing VAT-20 in Punjab is 20th November every year.
This form is required to filed with due diligence as it is the final statement of the year and any error made in the quarterly or monthly returns filed during the year can be corrected only in this annual statement. Assessment under Punjab VAT Act, 2005 is also being framed on the basis of VAT-20. Interest for delayed payment of tax under Punjab VAT Act, 20050 comments
Herebelow is the chart showing simple interest leviable on the amount of tax in case of delayed payment of tax under Punjab VAT Act, 2005 under section 32 and section 27(7).It should be noted that such simple interest is not a penal interest and is payable without any requirement of show cause notice and has to be paid along with the delayed payment of tax. Penalties under Punjab VAT Act, 20050 comments
Herebelow I am sharing a complete chart showing the penalties under Punjab VAT Act, 2005 for the benefit of all readers. Please note that as per the provisions of section 61 no penalty can be levied under Punjab VAT Act, 2005 without giving a show cause notice in writing. Fee payable Under Punjab Value Added Tax Act, 20050 comments
Herebelow is the chart showing various fee payable under Punjab VAT Act, 2005 alonmg with the relevant sections and rules of Punjab VAT Act and Punjab VAT Rules, 2005. Time Limits under Punjab Value Added Tax Act, 20050 comments
I am sharing herebelow the various time limits under Punjab VAT Act, 2005 for example time for filing returns, applying registration, payment of taxes etc, hopefully it will be usefull for all concerned readers. No need to furnish PAN to deductors if income below taxable limit-section 206AA is inapplicable in such cases-Karnataka HC0 comments Tuesday, June 19, 2012
Karnataka High Court has held in A Kowsalya Bai vs UOI that section 206AA is not applicable to persons where income is below exempted limit. The Karnataka High Court held in a writ petition filed chalenging the constitutional vires of section 206AA of Income Tax Act, 1961 that S.206AA of the Act is made inapplicable to persons and read down from
the Statute for whose income is less than the taxable limit.
Whether F form is required if goods are sent inter-state for job work or repairs?1 comments Sunday, June 17, 2012
Section 6A of CST Act, 1956 provides that if a dealer claims
that he is not liable to pay CST on an
interstate movement of goods due to the reason that it is not sale and the
goods have been transferred inter-state to any other place of his business or to
his agent or principal, then he will have to produce a prescribed form i.e Form
F to his assessing authority duly signed by the principal officer of his other
place of business or his agent or principal as the case may be.
Capital gain in case of gifted or inherited properties.0 comments Monday, June 11, 2012
A capital asset
being shares and securities is considered as long term capital asset if
it is retained for more than 12 months and 36 months in case of other
assets and gain, if any arising from its sales is considered as long
term capital gain.
In
case of long term capital gains the capital gains is calculated
according to indexed cost of acquisition and improvement. Cost inflation
index of the year of acquisition and improvement is considered for the
purpose of capital gain calculation.
No disallowance u/s 40(a)(ia) when income declared u/s 44AD0 comments Saturday, June 2, 2012ITAT Kolkata relying upon the decision of Punjab & Haryana High Court in CIT vs Surendra Paul reported in 242 CTR 61 (P&H) held that where income is declared u/s 44AD even though books of accounts are maintained, no disallowance u/s 40(a)(ia) for non-deduction of TDS can be made. It was held as under: CBDT's circular on reopening of assessments due to retro law in Finance Act, 20120 comments Thursday, May 31, 2012The Finance Minister had stated earlier that CBDT will issue a policy circular to clarify that in cases where assessment proceedings have become final before first day of April, 2012; such cases shall not be reopened. Now CBDT has issued a letter confirming statement of Finance Minister. The Letter is as follows: Letter [F.No.500/111/2009-FTD-1(Pt.)], dated 29-5-2012 Service tax (settlement of cases) rules, 20120 commentsService tax (settlement of cases) rules, 2012 NOTIFICATION NO. 16/2012-ST, DATED 29-5-2012 In exercise of the powers conferred by clause (j) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994) (hereinafter referred to as “the Act”), read with sections 31, 32 and 32A to 32P of the Central Excise Act, 1944 (1 of 1944) made applicable to service tax vide section 83 of the Act, 1994, the Central Government hereby makes the following rules, namely:- Service Tax- Compounding of offences Rules, 20120 commentsNOTIFICATION NO. 17/2012-ST, dated 29-5-2012 In exercise of the powers conferred by clause (i) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994)(hereinafter referred to as “the Act”) read with sub-section (2) of section 9A of the Central Excise Act, 1944 (1 of 1944), made applicable to service tax vide section 83 of the Act, the Central Government hereby makes the following rules, namely : TDS credit mismatching limit restricted to Rs. 5000 from 1 lac for processing of returns of A.Y. 2011-120 comments Sunday, May 27, 2012
CBDT has revised its instructions relating to matching of TDS credit for processing of returns of A.Y. 2011-12. CBDT has withdrawn its earlier instruction No. 01/2012 issued on 2nd Feburary 2012.
Earlier in the withdrawn instruction it was instructed that TDS credit will be allowed if the mismatching in TDS doesnot exceed Rs. 1 lac. Now CBDT has revised this limit to Rs. 5000/- only.
Revised instructions are as follows:
Section 40(a) not applicable to charitable trusts-no disallowance for non deduction of TDS0 commentsMumbai ITAT has held in Mahatma Gandhi Seva Mandir Versus Deputy Director of Income-tax (E) 1(2), Mumbai that provisions of section 40(a) are not applicable while computing income of charitable trusts u/s 11 of Income Tax Act, 1961. In this case disallowance u/s 40(a)(ia) was made by AO while computing income of the assessee-a charitable trust on the ground that TDS was not deducted on the certain payments made by trust and it was violation of section 40(a)(ia). Stamp Papers have no expiry period-valid even after 6 months of purchase0 commentsI have found the following judgement of Supreme Court on the issue of expiry period of stamp papers under Indian Stamp Act, 1899 as very useful one. In this case it has been held by Supreme Court that Stamp Papers do not have any expiry period under The Indian Stamp Act, hence it will be valid even after the purchase of 6 months. Supreme Court in this case held as under:
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