Due date of efiling of VAT return for Q3 of 2014-15 extended0 comments Thursday, January 29, 2015
GOVERNMENT OF PUNJAB
DEPARTMENT OF EXCISE & TAXATION
PUBLIC NOTICE
KIND ATTENTION: DEALERS/CHARTERED ACCOUNTANTS/LAWYERS/OTHER STAKEHOLDERS
This is to inform all the concerned that the last date of e-filing of VAT-15 for the 3rd Quarter of
2014-15 has been extended till 5
th February, 2015.
Dated: 29th January, 2014.
Excise & Taxation Commissioner, Punjab
Mere cash deposits of more than 10 lakhs cannot be a reason to reassessment0 comments Sunday, January 25, 2015
The assessee had deposited cash in excess of Rs 10 lakhs in his saving bank account but he had not filed return of income. The AO reopened the assessment of assessee, as he had reason to believe that there was an escapement of income of Rs 10 lakhs.
Revised return can be filed even after issuance of intimation u/s 143(1)0 comments
The Calcutta High Court has held that issue of intimation under section 143(1) cannot amount to completion of assessment under section 139(5) disabling assessee from filing a revised return.
Punjab VAT-Rate of tax on cranes and earth moving equipments reduced to 5.5%0 comments Thursday, January 22, 2015 Exemption from payment of advance VAT to works contractors to be allowed-instructions0 comments Wednesday, January 21, 2015
The Excise and Taxation Commissioner, Punjab has issued instructions to grant advance VAT exemption to the works contractors whose TDS u/s 27 of Punjab VAT Act, 2005 is being deducted.
Works contractors are also eligible for advance VAT exemption-P&H High Court0 comments Thursday, January 8, 2015
The Punjab & Haryana High Court in CWP 19835 of 2014 Ayyappa Infra Projects Pvt Ltd vs State of Punjab has directed the State of Punjab to issue clarification to the effect that works contractors are also eligible for exemption from advance VAT levied u/s 6(7) of Punjab VAT Act, 2005.
Email ids of all important functionaries in the State of Punjab0 comments Tuesday, January 6, 2015
The Punjab Government has notified the Email ids of all the important functionaries in the State of Punjab. The Email Ids includes ids of all Financial Commissioners, Principal Secretaries, Administrative Secerataries and Head of the Departments.
Kisan Vikas Patra Rules, 20140 comments Sunday, January 4, 2015
Kisan Vikas Patra Rules, 2014
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 23rd September, 2014
CBDT directs for limited scrutiny in cases selected under CASS0 comments
Central Board of Direct Taxes vide instruction no. 7/2014 dated 26.09.2014, by virtue of its powers under section 119 of the Act, in suppression of earlier instructions/ guidelines on this subject, hereby directs that tile cases selected for scrutiny during the Financial Year 2014-2015 under CASS, on the basis of Either AIR data or CIB information or for non reconciliation with 26AS Data, the scope of enquiry should be limited to verification of these particular aspects only. Efiling of monthly return under Punjab VAT made compulsory0 comments Friday, January 2, 2015
GOVERNMENT OF PUNJAB
DEPARTMENT OF EXCISE AND TAXATION PUBLIC NOTICE E-trip under Punjab VAT made compulsory for paper boards sold by manufacturers0 comments
Excise and Taxation Commissioner, Punjab has notified paper board sold by manufacturers in the State of Punjab for the purose of Rule 64-A of Punjab VAT Rules, 2005. Rule 64-A compulsory reporting of intra-state transactions through virtual information collection centre on the official website of the Department i.e. www.pextax.com. It is also popularly known as E-trip.
Tribunal ordered strict compliance of Rule 71 of Punjab VAT Rules, while filing appeals0 comments
The Hon'ble Punjab VAT Tribunal has ordered for the compliance of Rule 71 of Punjab VAT Rules, 2005 while filing appeals under Punjab VAT Act, 2005. The Punjab VAT Tribunal in appeal No. 450 of 2013 has ordered that no appeal in furture will be entertained if the same is filed with deficiencies in violation of Rule 71 of Punjab VAT Rules, 2005.
SC: Mobile charger is an accessory of mobile phone and not its integral part; leviable to VAT at 12.5%1 comments Thursday, December 25, 2014
Where assessee was selling mobile phone with battery charger in same packing, it did not charge any separate amount for battery charger from customers and was charging only for handset; battery charger was an accessory to cell phone and was not a part of it, thus, liable to VAT at general rate of 12.5 %.
Period of holding of flat to be counted from date of allotment letter and not from date of possession0 comments Friday, November 14, 2014
Law Point settled: Period of holding of a flat for the purpose of calculating capital gains, is to be reckoned from the date of allotment letter and not from the date of possession
Punjab & Haryana High Court stays passing of final orders in assessment cases of year 06-07, 07-08 and 08-090 comments Tuesday, November 11, 2014
Punjab & Haryana High Court has stayed the passing of final orders in assessment cases of years 2006-07, 2007-08 and 2008-09 under Punjab VAT Act, 2005 in the case of M/s ABC Ltd vs State of Punjab. The said company had challenged the vires of the amendment in section 29 of Punjab VAT Act, 2005 whereby the limitation period of all the assessment cases including that of 2006-07, 2007-08 and 2008-09 was extended from three years to six years. For the assessment of year 2006-07 the time limit was extended till 20th November, 2014. Amendment in assessment under Punjab VAT Act, 20050 comments Sunday, November 9, 2014
Now a days It is seen that
the Excise and Taxation Department, Punjab has started issuing notices for
amendment in assessment in many cases. These notices are being issued ussualy
on the basis of audit objections received from State CAG or sometimes on the ground that some of the law points were misinterpreted by the predecessor of the assessing
officer, while framing original assessment.
Due date of Efling of Punjab VAT returns of Q2 of year 2014-15 extended to 03.11.20140 comments Thursday, October 30, 2014
Dealer cannot be denied benefit due to cancellation of R.C. of other dealer, unless the same is published in official gazette0 comments Sunday, October 19, 2014
Punjab & Haryana High Court in an older case namely Arjan Radio House vs Assessing Authority had held that a person's registration certificate shall be deemed to have been cancelled w.e.f date of publication of the factum of cancellation in the official Gazette as a busy seller cannot be supposed to know whether the registration certificate of a purchasing dealer has been cancelled or not unless he can be fixed with the knowledge of this fact. Justice A. N. Jindal to be next Chairman of Punjab VAT Tribunal-long wait is over0 comments Wednesday, October 15, 2014
Justice AN Jindal (retd), who had given a clean chit to Shiromani Akali Dal minister Sikandar Singh Maluka in the alleged multi-crore scam of government school books, is set to become the chairman of Punjab Value Added Tax (VAT) Tribunal. Supreme Court clarifies general principles concerning retrospectivity in laws0 comments Sunday, October 5, 2014
The Hon'ble Supreme Court has very well explained general rules relating to retrospective laws in a recent landmark case namely CIT vs Vatika Township (P) Ltd. Civil Appeal No. 1160 of 2007 dt. 15.09.2014. In this case the primary issue was whether section 113 of Income Tax Act, 1961, which levied surcharge on tax assessed in block assessments, is retrospective in nature or not.
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Due date of efiling of VAT return for Q3 of 2014-15 extendedThursday, January 29, 2015
GOVERNMENT OF PUNJAB
DEPARTMENT OF EXCISE & TAXATION
PUBLIC NOTICE
KIND ATTENTION: DEALERS/CHARTERED ACCOUNTANTS/LAWYERS/OTHER STAKEHOLDERS
This is to inform all the concerned that the last date of e-filing of VAT-15 for the 3rd Quarter of
2014-15 has been extended till 5
th February, 2015.
Dated: 29th January, 2014.
Excise & Taxation Commissioner, Punjab
Mere cash deposits of more than 10 lakhs cannot be a reason to reassessmentSunday, January 25, 2015
The assessee had deposited cash in excess of Rs 10 lakhs in his saving bank account but he had not filed return of income. The AO reopened the assessment of assessee, as he had reason to believe that there was an escapement of income of Rs 10 lakhs.
Revised return can be filed even after issuance of intimation u/s 143(1)
The Calcutta High Court has held that issue of intimation under section 143(1) cannot amount to completion of assessment under section 139(5) disabling assessee from filing a revised return.
Punjab VAT-Rate of tax on cranes and earth moving equipments reduced to 5.5%Thursday, January 22, 2015Exemption from payment of advance VAT to works contractors to be allowed-instructionsWednesday, January 21, 2015
The Excise and Taxation Commissioner, Punjab has issued instructions to grant advance VAT exemption to the works contractors whose TDS u/s 27 of Punjab VAT Act, 2005 is being deducted.
Works contractors are also eligible for advance VAT exemption-P&H High CourtThursday, January 8, 2015
The Punjab & Haryana High Court in CWP 19835 of 2014 Ayyappa Infra Projects Pvt Ltd vs State of Punjab has directed the State of Punjab to issue clarification to the effect that works contractors are also eligible for exemption from advance VAT levied u/s 6(7) of Punjab VAT Act, 2005.
Email ids of all important functionaries in the State of PunjabTuesday, January 6, 2015
The Punjab Government has notified the Email ids of all the important functionaries in the State of Punjab. The Email Ids includes ids of all Financial Commissioners, Principal Secretaries, Administrative Secerataries and Head of the Departments.
Kisan Vikas Patra Rules, 2014Sunday, January 4, 2015
Kisan Vikas Patra Rules, 2014
MINISTRY OF FINANCE
(Department of Economic Affairs)
NOTIFICATION
New Delhi, the 23rd September, 2014
CBDT directs for limited scrutiny in cases selected under CASS
Central Board of Direct Taxes vide instruction no. 7/2014 dated 26.09.2014, by virtue of its powers under section 119 of the Act, in suppression of earlier instructions/ guidelines on this subject, hereby directs that tile cases selected for scrutiny during the Financial Year 2014-2015 under CASS, on the basis of Either AIR data or CIB information or for non reconciliation with 26AS Data, the scope of enquiry should be limited to verification of these particular aspects only. Efiling of monthly return under Punjab VAT made compulsoryFriday, January 2, 2015
GOVERNMENT OF PUNJAB
DEPARTMENT OF EXCISE AND TAXATION PUBLIC NOTICE E-trip under Punjab VAT made compulsory for paper boards sold by manufacturers
Excise and Taxation Commissioner, Punjab has notified paper board sold by manufacturers in the State of Punjab for the purose of Rule 64-A of Punjab VAT Rules, 2005. Rule 64-A compulsory reporting of intra-state transactions through virtual information collection centre on the official website of the Department i.e. www.pextax.com. It is also popularly known as E-trip.
Tribunal ordered strict compliance of Rule 71 of Punjab VAT Rules, while filing appeals
The Hon'ble Punjab VAT Tribunal has ordered for the compliance of Rule 71 of Punjab VAT Rules, 2005 while filing appeals under Punjab VAT Act, 2005. The Punjab VAT Tribunal in appeal No. 450 of 2013 has ordered that no appeal in furture will be entertained if the same is filed with deficiencies in violation of Rule 71 of Punjab VAT Rules, 2005.
SC: Mobile charger is an accessory of mobile phone and not its integral part; leviable to VAT at 12.5%Thursday, December 25, 2014
Where assessee was selling mobile phone with battery charger in same packing, it did not charge any separate amount for battery charger from customers and was charging only for handset; battery charger was an accessory to cell phone and was not a part of it, thus, liable to VAT at general rate of 12.5 %.
Period of holding of flat to be counted from date of allotment letter and not from date of possessionFriday, November 14, 2014
Law Point settled: Period of holding of a flat for the purpose of calculating capital gains, is to be reckoned from the date of allotment letter and not from the date of possession
Punjab & Haryana High Court stays passing of final orders in assessment cases of year 06-07, 07-08 and 08-09Tuesday, November 11, 2014
Punjab & Haryana High Court has stayed the passing of final orders in assessment cases of years 2006-07, 2007-08 and 2008-09 under Punjab VAT Act, 2005 in the case of M/s ABC Ltd vs State of Punjab. The said company had challenged the vires of the amendment in section 29 of Punjab VAT Act, 2005 whereby the limitation period of all the assessment cases including that of 2006-07, 2007-08 and 2008-09 was extended from three years to six years. For the assessment of year 2006-07 the time limit was extended till 20th November, 2014. Amendment in assessment under Punjab VAT Act, 2005Sunday, November 9, 2014
Now a days It is seen that
the Excise and Taxation Department, Punjab has started issuing notices for
amendment in assessment in many cases. These notices are being issued ussualy
on the basis of audit objections received from State CAG or sometimes on the ground that some of the law points were misinterpreted by the predecessor of the assessing
officer, while framing original assessment.
Due date of Efling of Punjab VAT returns of Q2 of year 2014-15 extended to 03.11.2014Thursday, October 30, 2014
Dealer cannot be denied benefit due to cancellation of R.C. of other dealer, unless the same is published in official gazetteSunday, October 19, 2014
Punjab & Haryana High Court in an older case namely Arjan Radio House vs Assessing Authority had held that a person's registration certificate shall be deemed to have been cancelled w.e.f date of publication of the factum of cancellation in the official Gazette as a busy seller cannot be supposed to know whether the registration certificate of a purchasing dealer has been cancelled or not unless he can be fixed with the knowledge of this fact. Justice A. N. Jindal to be next Chairman of Punjab VAT Tribunal-long wait is overWednesday, October 15, 2014
Justice AN Jindal (retd), who had given a clean chit to Shiromani Akali Dal minister Sikandar Singh Maluka in the alleged multi-crore scam of government school books, is set to become the chairman of Punjab Value Added Tax (VAT) Tribunal. Supreme Court clarifies general principles concerning retrospectivity in lawsSunday, October 5, 2014
The Hon'ble Supreme Court has very well explained general rules relating to retrospective laws in a recent landmark case namely CIT vs Vatika Township (P) Ltd. Civil Appeal No. 1160 of 2007 dt. 15.09.2014. In this case the primary issue was whether section 113 of Income Tax Act, 1961, which levied surcharge on tax assessed in block assessments, is retrospective in nature or not.
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