Punjab Excise & taxation department has issued a notification under the Punjab Vat Act 2005 which is applicable with effect from 01 Jan 2014, but strange rather shocking Excise & Taxation Department has issued the notification which reflects that tax was levied at the first stage that is in the hand of manufacturers and importers in the state of Punjab and after that no tax will be charged in the hands of distributors, wholesalers or retailers.
In an application u/s 85 of Punjab VAT Act, 2005 moved by me on behalf of my client, it has been held by the Excise and Taxation Commissioner, Punjab on 04-12-2013 that Judgment of Punjab & Haryana High Court in CWP 14797 of 2010 Larsen and Toubro vs. State of Haryana is binding on all concerned works contractors.
Electronic Accounting System In Excise and Service Tax or EASIEST, as it is easily termed, is the procedure for payment of Excise duty and service tax. It requires the tax/ duty payer to submit only 1 copy of GAR-7 challan as against 4 copies of TR-6 challans in the bank as per old procedure.
BE-1 form is meant for enrollment of owner/ custodian of the venue. The scheme is being implemented w.e.f. 1st January, 2014. As such, the eligible persons are required to file the information 3 days before. Hence enrollment should be done on or before that date. For the first return, the enrollment should be done by 27th December, 2013.
Comments / views and suggestions invited regarding changes of UQC against HS Code in Customs Tariff of India for declaration in Bills of Entry / Shipping Bills – Last date of submission is 15th January, 2014. The same may also be emailed to tariffunit-rev@nic.in
In exercise of powers conferred by Section 5 of the Foreign Trade (Development & Regulation) Act,1992, as amended, read with paragraph 1.3 of the Foreign Trade Policy, 2009-14 the Central Government hereby makes the following amendments in respect of Sl. No. 179 of Schedule 2 of ITC(HS) Classifications of Export and Import Items.
Notification No. 96/2013 – Income Tax The list of documents to be submitted along with PAN Application Form49A/49AA has been revised. Aadhaar Card will now be accepted as a valid Proof of Identity and Address. Individuals being Citizens of India will now have to submit Proof of Date of Birth along with Proof of Identity and Address. Format for certificate of ID / Address by Employer / Bank also has been specified in Annexure A, B and C.
Achievements and Initiatives Taken by the Central Board of Direct Taxes (CBDT) Helping in Facilitating the Tax Payers, Improving the Efficiency and Equity of the Tax System and Promoting Voluntary Compliance. Following are the major highlights/achievements made by the Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance over a period of time especially during the last one year :
Salient features of the agreement with San Marino are: • The agreement is based on international standard of transparency and exchange of information. • The agreement provides for exchange of information that is foreseeably relevant to the administration and enforcement of the domestic tax laws.
Please refer to our mailbox clarification dated November 6, 2009 with respect to the ‘Special Reserve’ created by banks under Section 36(1) (viii) of Income Tax Act, 1961 (hereinafter referred to as ‘Special Reserve’), in terms of which, only the net amount of such Special Reserve (net of tax payable) should be taken into account for the purpose of computation of Tier-I capital.
