Public notice under PVAT regarding efiling of returns for third quarter of year 2012-130 comments Thursday, December 13, 2012
GOVT OF PUNJAB
EXCISE & TAXATION DEPARTMENT
PUBLIC NOTICE
ATTENTION: DEALERS/ ADVOCATES/ CHARTERED ACCOUNTANTS
E-FILING OF QUARTERLY RETURNS FOR THE THIRD QUARTER (Q3)
No disallowance u/s 40(a)(ia) for short deduction of TDS0 comments Tuesday, December 11, 2012
Facts: The assessee was engaged in trading of agricultural products. During the course of assessment proceedings, from the tax audit report in Form No. 3CD the Assessing Officer noted that the tax auditor had quantified the amount of Rs. 40,41,233 disallowable under section 40(a)(ia). However, in computation of income the assessee had added back only Rs. 20,16,778. The remaining amount of Rs. 20,24,455 was therefore, disallowed by the Assessing Officer.
Before the Commissioner (Appeals), the assessee submitted that the Assessing Officer ought to have allowed expenditure on which tax had been deducted and should have disallowed the expenditure on which no tax had been deducted. Alternatively, it was argued that proportionate disallowance of Rs. 15,75,239 should have been made.
Reimbursement of expenses not liable to service tax-Rule 5(1) is ultra vires0 comments
Delhi High Court
has in a very important case namely Intercontinental Consultants and
Technocrats Pvt Ltd Vs UOI held that reimbursement of expenses cannot be
charged to service tax by treating the same as part of service charges. Rule
5(1) of Service Tax (Determination of value) Rules has been held as ultra vires
to the extent it brings the reimbursement of expenses within the ambit of
service tax
No TDS u/s 194C on transportation if the same is incidental to contract of sale0 comments Sunday, December 2, 2012
Gujrat High Court has held in CIT vs Krishak Bharti Cooperative Ltd that TDS u/s 194C will not be applicable on transportation of goods if such transportation is incidental to contract of sale.
In this case where assessee entered into a contract with GAIL for supply of gas to its
consumption points through pipelines and in addition to price of gas
it had agreed to make separate payments for transportation of gas, it was held that
contract was a contract for purchase of gas and not a work contract
Signature mismatch on cheque may lead to criminal proceedings-SC0 comments
A person may face criminal proceedings if a cheque issued by him
gets dishonoured on the ground that his signature does not match the
specimen signature available with the bank, the Supreme Court has said. A bench of justices T S Thakur and Gyan Sudha Mishra set aside the verdict of Gujarat High Court which had held that criminal proceedings for dishonouring of cheque can be initiated only when the cheque is dishonoured because of lack of sufficient amount in the bank account and not in case where a cheque is returned due to mismatch of signature of account holder. Starting date of Efiling of VAT-20 postponed to 5th december0 comments Saturday, December 1, 2012
PUBLIC NOTICE
EXCISE AND TAXATION DEPARTMENT, PUNJAB ATTN: ALL DEALERS, ADVOCATES AND CHARTERED ACCOUNTANTS This is to inform all concerned that the e-Filing service for VAT 20 would now be available from 5th December 2012, instead of 1st December 2012 as communicated earlier. Step by step guideline for Efiling of VAT-201 comments Friday, November 30, 2012Excel utility for filing VAT-20 online0 comments Thursday, November 29, 2012
VAT-20(Annual Statement) under Punjab VAT Act, 2005 is going to be online w.e.f 01-12-2012. I have received the excel utility software for filing VAT-20 online. The same can be downloaded as below:
Online VAT-20 Share | Trade mark is "Goods", royalty for its use is liable to VAT0 comments
Kerala High Court in Malabar Gold Private Limited vs. CTO has held that Trader Mark falls within the definition of goods and royalty received for use of Trade Mark is a deemed sale as transfer of right to use goods and liable to VAT/sales tax. Income from other source credited to P & L A/C cannot be discarded for computing partner's remuneration0 comments Wednesday, November 28, 2012
FACTS:
The assessee-firm derived its income
from profession as an advocate. In the profit and loss account, the
assessee-firm credited certain amount received as licence fee and compensation
for use of shared facilities.
In the course of assessment, the
Assessing Officer opined that since the aforesaid income was not a professional
income, the same could not form part of 'book profit' for computation of
allowable remuneration to partners under section 40(b).
The Commissioner (Appeals) upheld the
assessment order. Crucial date of sale for issuing C forms0 comments Sunday, November 25, 2012
Many a times I have received a query from different parts of the country that what is the crucial date of sale to be taken while issuing of C forms under CST Act, 1956 i.e whether date of invoice or the date on which goods are received by the purchasing dealer? C form is a form for the concessional rate of CST on the inter-state sale of goods and is issued by purchasing dealer in one State to the selling dealer in another State for the inter-state sales transactions done during the period of three months i.e a quartar. Public Notice for exporters of paddy/rice-is it contempt of court?0 comments Saturday, November 24, 2012
Excise & Taxation Department, Punjab has issued a public notice for Exporters of Paddy/Basmati Paddy/Rice directing them to pay the purchase tax on purchase of paddy even if the rice manufactured out of it is exported. It has been further directed in the public notice that dealers exporting rice/paddy should pay purhase tax on the paddy and then they may claim refund afterwards of such purchase tax paid when rice are exported. Punjab VAT-Circular and Public notice on works contracts0 comments Wednesday, November 21, 2012
Punjab circular – Works contract –
TDS Deposit guideline
Circular no.01/VAT-1/2012/TD/ Dated 9-11-2012
1. The
tentative draft paragraph titled "Taxation on works contracts under
PVAT" intended for inclusion in Comptroller & Auditor General of India
Audit report (Revenue Receipts) of Punjab government for year 2011-12 has highlighted
the deficiencies in compliance to provisions of Punjab VAT Act, 2005 by various
Departments of State government.
Advocates of Punjab & Haryana to submit form with photographs to Bar Council for updation0 comments Saturday, November 17, 2012
Bar Council of Punjab & Haryana is updating its Roll of Advocates enrolled with it. Hence a direction has been issued to all Advocates of Punjab & Haryana for submission of information in the form annexed with the letter issued as produced herebelow. The letter as well as the application form is being produced herebelow for all concerned readers of the blog.
Read On
Discount after the sale is also a trade discount if given in regular practice of trade0 comments
Supreme Court In IFB Industuries Limited vs State of Kerala has held that trade discounts doesnot mean only those discounts which are given on invoice but discounts given after the sale in accordance with the regular practice of trade is also a trade discount and the deduction of the same should be allowed for determining taxable turnover for the purpose of sales tax/VAT.
In this case a division bench of the Kerala High Court has held that unless the discount was shown in the invoice itself, it would not qualify for deduction and further that any discount that was given by means of credit note issued subsequent to the sale of the article was in reality an incentive and not trade discounteligible for exemption under rule 9(a) of the Rules.
Meaning of expression "Similarly Placed Person" in context of Entry Tax Deferment in Punjab0 comments Wednesday, November 14, 2012
As we know the Punjab Tax on Entry of Goods into Local Areas Act, 2000 was stayed by Punjab & Haryana High Court in Bhushan Power & Steel Limited vs State of Punjab in CWP 15378 of 2008. Thereafter a lot of writ petitions were filed challenging the said act on similar grounds as was in Bhushan Power & Steel case, whereby the Hon'ble High Court in CWP 18609 of 2011 passed the following order" "Learned counsel for the petitioners placing reliance upon an order passed by this Court in C.M. No. 2467 of 2011 in C.W.P. No. 15378 of 2008 Bhushan Power & Steel Limited v. The State of Punjab and others, on 28.3.2011 submitted that as the petitioners in these writ petitions are also similarly placed, interim order in the same terms be passed in the present petitions. Worship of Hindu Gods is not “religious activity for the purpose of section 80G0 comments Thursday, November 8, 2012
Nagpur
ITAT has held in Shiv Mandir Devsttan Panch Committee Sanstan vs. CIT that “Hinduism” is not a religion &
worship of Hindu Gods is not “religious purpose” while deciding the application
for granting of certificate u/s 80G of Income Tax Act.
It is notable that certificate u/s
80G is granted to those organizations only who are established for charitable
purposes and Explanation 3 to section 80G provides that charitable purpose
doesnot include a purpose which is of religious nature
Time limit for filing ITR-V forms for A.Ys. 2010-11 and 2011-12 extended to 31-12-20120 comments Thursday, November 1, 2012
Notification NO. 1/2012 under CPR Scheme 2011 [F. No. DIT(S)-III/ITR-V Extension/2012-13], Dated 23-10-2012
In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the 'Centralized Processing of Returns Scheme, 2011', issued vide C
B D T Notification No. SO 16(E) dated 4.1.2012, the Director General of
Income Tax (System) hereby extends the time limit for filing ITR-V
forms relating to Income Tax Returns filed electronically (without
digital signature Certificate) for A.Y. 2010-11 (filed during F.Y.
2011-12) and for A.Y. 2011-12 (filed on or after 1st April, 2011). These
ITR-V forms can now be filed upto 31st December, 2012 or within a
period of 120 days from the date of uploading of the electronic return
data, whichever is later. This direction is issued to mitigate the
hardship and grievance of the tax payers who have been prevented by
reasonable causes to file the ITR-V in time.
VAT-20 (annual statement) in Punjab to be online w.e.f 01-11-20120 comments Tuesday, October 30, 2012Excise & Taxation Department, Punjab has made online filing of VAT-20 (annual statement) under Punjab VAT Act, 2005, for the year 2011-12, mandatory w.e.f 01-11-2012. A public notice to this effect has been issued.
The online utility for filing VAT-20 is not available as yet, therefore it is stated in the public notice that the annual return will now be filed from 1st December 2012 to 31st December 2012.
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Public notice under PVAT regarding efiling of returns for third quarter of year 2012-13Thursday, December 13, 2012
GOVT OF PUNJAB
EXCISE & TAXATION DEPARTMENT
PUBLIC NOTICE
ATTENTION: DEALERS/ ADVOCATES/ CHARTERED ACCOUNTANTS
E-FILING OF QUARTERLY RETURNS FOR THE THIRD QUARTER (Q3)
No disallowance u/s 40(a)(ia) for short deduction of TDSTuesday, December 11, 2012
Facts: The assessee was engaged in trading of agricultural products. During the course of assessment proceedings, from the tax audit report in Form No. 3CD the Assessing Officer noted that the tax auditor had quantified the amount of Rs. 40,41,233 disallowable under section 40(a)(ia). However, in computation of income the assessee had added back only Rs. 20,16,778. The remaining amount of Rs. 20,24,455 was therefore, disallowed by the Assessing Officer.
Before the Commissioner (Appeals), the assessee submitted that the Assessing Officer ought to have allowed expenditure on which tax had been deducted and should have disallowed the expenditure on which no tax had been deducted. Alternatively, it was argued that proportionate disallowance of Rs. 15,75,239 should have been made.
Reimbursement of expenses not liable to service tax-Rule 5(1) is ultra vires
Delhi High Court
has in a very important case namely Intercontinental Consultants and
Technocrats Pvt Ltd Vs UOI held that reimbursement of expenses cannot be
charged to service tax by treating the same as part of service charges. Rule
5(1) of Service Tax (Determination of value) Rules has been held as ultra vires
to the extent it brings the reimbursement of expenses within the ambit of
service tax
No TDS u/s 194C on transportation if the same is incidental to contract of saleSunday, December 2, 2012
Gujrat High Court has held in CIT vs Krishak Bharti Cooperative Ltd that TDS u/s 194C will not be applicable on transportation of goods if such transportation is incidental to contract of sale.
In this case where assessee entered into a contract with GAIL for supply of gas to its
consumption points through pipelines and in addition to price of gas
it had agreed to make separate payments for transportation of gas, it was held that
contract was a contract for purchase of gas and not a work contract
Signature mismatch on cheque may lead to criminal proceedings-SC
A person may face criminal proceedings if a cheque issued by him
gets dishonoured on the ground that his signature does not match the
specimen signature available with the bank, the Supreme Court has said. A bench of justices T S Thakur and Gyan Sudha Mishra set aside the verdict of Gujarat High Court which had held that criminal proceedings for dishonouring of cheque can be initiated only when the cheque is dishonoured because of lack of sufficient amount in the bank account and not in case where a cheque is returned due to mismatch of signature of account holder. Starting date of Efiling of VAT-20 postponed to 5th decemberSaturday, December 1, 2012
PUBLIC NOTICE
EXCISE AND TAXATION DEPARTMENT, PUNJAB ATTN: ALL DEALERS, ADVOCATES AND CHARTERED ACCOUNTANTS This is to inform all concerned that the e-Filing service for VAT 20 would now be available from 5th December 2012, instead of 1st December 2012 as communicated earlier. Step by step guideline for Efiling of VAT-20Friday, November 30, 2012Excel utility for filing VAT-20 onlineThursday, November 29, 2012
VAT-20(Annual Statement) under Punjab VAT Act, 2005 is going to be online w.e.f 01-12-2012. I have received the excel utility software for filing VAT-20 online. The same can be downloaded as below:
Online VAT-20 Share | Trade mark is "Goods", royalty for its use is liable to VAT
Kerala High Court in Malabar Gold Private Limited vs. CTO has held that Trader Mark falls within the definition of goods and royalty received for use of Trade Mark is a deemed sale as transfer of right to use goods and liable to VAT/sales tax. Income from other source credited to P & L A/C cannot be discarded for computing partner's remunerationWednesday, November 28, 2012
FACTS:
The assessee-firm derived its income
from profession as an advocate. In the profit and loss account, the
assessee-firm credited certain amount received as licence fee and compensation
for use of shared facilities.
In the course of assessment, the
Assessing Officer opined that since the aforesaid income was not a professional
income, the same could not form part of 'book profit' for computation of
allowable remuneration to partners under section 40(b).
The Commissioner (Appeals) upheld the
assessment order. Crucial date of sale for issuing C formsSunday, November 25, 2012
Many a times I have received a query from different parts of the country that what is the crucial date of sale to be taken while issuing of C forms under CST Act, 1956 i.e whether date of invoice or the date on which goods are received by the purchasing dealer? C form is a form for the concessional rate of CST on the inter-state sale of goods and is issued by purchasing dealer in one State to the selling dealer in another State for the inter-state sales transactions done during the period of three months i.e a quartar. Public Notice for exporters of paddy/rice-is it contempt of court?Saturday, November 24, 2012
Excise & Taxation Department, Punjab has issued a public notice for Exporters of Paddy/Basmati Paddy/Rice directing them to pay the purchase tax on purchase of paddy even if the rice manufactured out of it is exported. It has been further directed in the public notice that dealers exporting rice/paddy should pay purhase tax on the paddy and then they may claim refund afterwards of such purchase tax paid when rice are exported. Punjab VAT-Circular and Public notice on works contractsWednesday, November 21, 2012
Punjab circular – Works contract –
TDS Deposit guideline
Circular no.01/VAT-1/2012/TD/ Dated 9-11-2012
1. The
tentative draft paragraph titled "Taxation on works contracts under
PVAT" intended for inclusion in Comptroller & Auditor General of India
Audit report (Revenue Receipts) of Punjab government for year 2011-12 has highlighted
the deficiencies in compliance to provisions of Punjab VAT Act, 2005 by various
Departments of State government.
Advocates of Punjab & Haryana to submit form with photographs to Bar Council for updationSaturday, November 17, 2012
Bar Council of Punjab & Haryana is updating its Roll of Advocates enrolled with it. Hence a direction has been issued to all Advocates of Punjab & Haryana for submission of information in the form annexed with the letter issued as produced herebelow. The letter as well as the application form is being produced herebelow for all concerned readers of the blog. VAT-20 for year 2011-12 can be filed manually till 20-11-2012Friday, November 16, 2012Discount after the sale is also a trade discount if given in regular practice of trade
Supreme Court In IFB Industuries Limited vs State of Kerala has held that trade discounts doesnot mean only those discounts which are given on invoice but discounts given after the sale in accordance with the regular practice of trade is also a trade discount and the deduction of the same should be allowed for determining taxable turnover for the purpose of sales tax/VAT.
In this case a division bench of the Kerala High Court has held that unless the discount was shown in the invoice itself, it would not qualify for deduction and further that any discount that was given by means of credit note issued subsequent to the sale of the article was in reality an incentive and not trade discounteligible for exemption under rule 9(a) of the Rules.
Meaning of expression "Similarly Placed Person" in context of Entry Tax Deferment in PunjabWednesday, November 14, 2012
As we know the Punjab Tax on Entry of Goods into Local Areas Act, 2000 was stayed by Punjab & Haryana High Court in Bhushan Power & Steel Limited vs State of Punjab in CWP 15378 of 2008. Thereafter a lot of writ petitions were filed challenging the said act on similar grounds as was in Bhushan Power & Steel case, whereby the Hon'ble High Court in CWP 18609 of 2011 passed the following order" "Learned counsel for the petitioners placing reliance upon an order passed by this Court in C.M. No. 2467 of 2011 in C.W.P. No. 15378 of 2008 Bhushan Power & Steel Limited v. The State of Punjab and others, on 28.3.2011 submitted that as the petitioners in these writ petitions are also similarly placed, interim order in the same terms be passed in the present petitions. Worship of Hindu Gods is not “religious activity for the purpose of section 80GThursday, November 8, 2012
Nagpur
ITAT has held in Shiv Mandir Devsttan Panch Committee Sanstan vs. CIT that “Hinduism” is not a religion &
worship of Hindu Gods is not “religious purpose” while deciding the application
for granting of certificate u/s 80G of Income Tax Act.
It is notable that certificate u/s
80G is granted to those organizations only who are established for charitable
purposes and Explanation 3 to section 80G provides that charitable purpose
doesnot include a purpose which is of religious nature
Time limit for filing ITR-V forms for A.Ys. 2010-11 and 2011-12 extended to 31-12-2012Thursday, November 1, 2012
Notification NO. 1/2012 under CPR Scheme 2011 [F. No. DIT(S)-III/ITR-V Extension/2012-13], Dated 23-10-2012
In exercise of its powers under clause (ii) of Para 14 read with clause (7) of Para 4 of the 'Centralized Processing of Returns Scheme, 2011', issued vide C
B D T Notification No. SO 16(E) dated 4.1.2012, the Director General of
Income Tax (System) hereby extends the time limit for filing ITR-V
forms relating to Income Tax Returns filed electronically (without
digital signature Certificate) for A.Y. 2010-11 (filed during F.Y.
2011-12) and for A.Y. 2011-12 (filed on or after 1st April, 2011). These
ITR-V forms can now be filed upto 31st December, 2012 or within a
period of 120 days from the date of uploading of the electronic return
data, whichever is later. This direction is issued to mitigate the
hardship and grievance of the tax payers who have been prevented by
reasonable causes to file the ITR-V in time.
VAT-20 (annual statement) in Punjab to be online w.e.f 01-11-2012Tuesday, October 30, 2012Excise & Taxation Department, Punjab has made online filing of VAT-20 (annual statement) under Punjab VAT Act, 2005, for the year 2011-12, mandatory w.e.f 01-11-2012. A public notice to this effect has been issued.
The online utility for filing VAT-20 is not available as yet, therefore it is stated in the public notice that the annual return will now be filed from 1st December 2012 to 31st December 2012.
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