The Punjab Govt has imposed entry tax on some new items and rate of entry tax on certain items has been revised. These revised rates of entry tax and imposition of entry tax on new items will come into force w.e.f 18/08/2010. The new items and revised rate of entry tax is given here below in the public notice issued by the Punjab Government.
There are many presumptive income schemes for small businessmen engaged in civil construction, transport business, retailers etc. A person covered under these schemes can declare his income under these sections on presumptive basis and can get himself free from the requirement of maintaining regular books of accounts u/s 44AA.
There are many sections under the Punjab VAT Act where the word Designated officers is used. Many powers under the Punjab VAT Act 2005 like of assessments, levying penalties etc. have been conferred on the Designated Officers. These Designated officers are appointed and conferred powers under section 3 of Punjab VAT Act 2005.
Can there be any reasonable justification for more exemption to females. Is it just gender biased taxation. Suppose a woman is working as a clerk and earning salary of Rs 190000, similarly a man is working in the same office in the same designation as the woman is and earning same salary of Rs 190000, then in such case man will be paying tax of Rs 3000 and woman will be paying no tax. Is it equality before law? Isn’t it violation of article 14 of the constitution?
With the advent of MNCs(Multi National Concerns) a trend has also been adopted by the MNCs to structure their investments and business strategy in such a way that profits are maximized in such jurisdictions where tax rates are low, which give rise to the emerging problem of transfer pricing all over the world.
According to a notification issued by the government under Jammu and Kashmir Motor Vehicle Taxation Act, 1957, the vehicles carrying passengers to Mata Vaishnodevi Yatra would be charged Rs 2,000 at entry point for a period of 3 days and after that Rs 2,000 will be charged per day.
Assessment under the Punjab VAT Act 2005 is made u/s 29. The assessment under Punjab VAT Act is made after the filing of the VAT 20 i.e. annual return except in the case of Provisional Assessment. The assessment of Tax under section 29 of Punjab VAT Act 2005 can be done by two ways which can be discussed as follows:
Rule 36 of Punjab VAT rules which deals with the filing of VAT returns has been amended w.e.f 18/05/2010 vide notification No. G.S.R. /P.A.8/2005/S.70/Amd.( )/2010. s. The second and third Proviso to Rule 36 (1) have been amended to provide that the monthly VAT returns are now required to be filed by only those dealers whose annual tax liability was Rs 2 Lakh or more in the previous Year
Who is required to get registered as a VAT Dealer under Punjab VAT Act 2005? Every person, except a casual trader and one dealing exclusively in goods declared tax free, whose gross turnover during the year exceeded the taxable quantum, as provided below, is liable to pay tax under the Punjab VAT Act by way of VAT on the taxable turnover.
Thus if a person wants to file an appeal under Punjab VAT Act 2005 for which he is required to deposit 25% of additional demand u/s 62(5) as a pre condition for hearing of appeal, he can adjust such 25% of demand from the excess ITC if available and produce a certificate to that effect from the ETO cum Designated officer before the appellant authority to satisfy the conditions of section 62(5) of PVAT Act 2005.
