Advocate Amit Bajaj

Capital gain in case of gifted or inherited properties

Income Tax - A capital asset being shares and securities (listed), unit of UTI( listed/unlisted), unit of equity oriented mutual fund (listed/unlisted), zero coupon bonds (listed/unlisted) is considered as long term capital asset if it is retained for more than 12 months and 24 months in case of unlisted shares and securities and land or building or...

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Expenses Disallowed under section 40A(3) and Section 40A(3A)

Income Tax - Section 40A(3) and Section 40A(3A) deals with Disallowance of 100% of expenditure if payment is made by any mode other than account-payee cheque or draft  in the year of expense or in the subsequent year / Years. Article explains provision of Section 40A(3) and Section 40A(3A) of Income Tax Act, 1961. Section 40A(3) of Income Tax [&hell...

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Correction in Income Tax / TDS challan after payment

Income Tax - Article explains how we can get corrected Physical Income Tax / TDS challan after payment through Bank with period of correction and format to apply for correction. ...

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Income Tax – Provisions of Section 269SS and Section 269T

Income Tax - Provisions regulating mode of accepting or taking loans or deposits and mode of repayment of certain loans and deposits are contained under section 269SS and 269T of Income Tax Act 1961....

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Interest & Remuneration to Partners: Section 40(b)

Income Tax - Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The deductions regarding salary to partners and any payment of interest to partners cannot exceed...

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WCT Rate in Punjab enhanced from 5% to 6%

Income Tax - Advocate Amit Bajaj Section 27 of the Punjab VAT Act, 2005 has been amended to enhance the rate of Works Contract Tax i.e   tax to be deducted from payments made to contractors and sub-contractor, from 5% to 6%. Now after the above amendment rate of WCT will be 6% under Punjab VAT Act, 2005....

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Some views on Penal Provisions u/s 29(8) of MVAT Act

Income Tax - It is well esteblished principle that the power to levy penality under taxation laws is incidental and ancillary to the power of collection of tax and is provided to make sure the compliance of tax deposits by the assessees. Taxation laws are welfare laws i.e they are for the welfare of the general public at large....

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No disallowance of ITC for mere technical defect in VAT invoice – HC

M/s Avdesh Tracks Private Limited Vs. The State of Punjab and another (Punjab & Haryana High Court) - The Hon'ble Punjab & Haryana High Court in a crucial decision has held that input tax credit cannot be disallowed merely for a technical defect in the VAT Invoice such as non mentioning of words “Input Tax Credit is available to a person against this copy” as per Rule 54 of the Punjab VAT Rules,...

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No local VAT on goods purchased inter-state or in the course of import in works contracts-SC

Commissioner, Delhi Value Added Tax Vs M/s. ABB Ltd. (Supreme Court of Court) - The Hon’ble Supreme Court delivering very important judgment with regard to taxability of inter-state works contract. In the case of Commissioner, Delhi VAT vs ABB Ltd., it has been held that in case the goods are purchased from other States or are imported from outside the country...

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Assessment time cannot be extended if it already becomes time barred: SC

State of Punjab & Ors. Vs M/S Shreyans Indus.Ltd. Etc. (Supreme Court of India) - Supreme Court, in State of Punjab Vs. M/s. Shreyans Indus Ltd., has held that power of the Sales Tax Commissioner to extend the time to pass an order on assessment is to be exercised before the normal period of assessment expires....

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Punjab VAT-Penalty levied u/s 51 without serving proper notice is illegal

Welspun Projects Limited vs State of Punjab - The Punjab VAT Tribunal in one of my cases namely Welspun Projects Limited vs State of Punjab Appeal No. 146 of 2014 decided on 27.04.2015, has quashed the penalty levied u/s 51 of Punjab VAT Act, 2005 on the roadside, as the same was levied without serving proper notice and thereby denying reasonab...

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State Govt did not have power to legislate Rule 21(8) of Punjab VAT Rules

Jalandhar Vs State of Punjab and others (Punjab & Haryana High Court) - Punjab & Haryana High Court in the case of The Jalandhar Iron and Steel Merchants Association(Regd), Jalandhar vs State of Punjab has held that the State Government did not have power to legislate Rule 21(8) of Punjab VAT Rules, 2005 before 01.04.2014 so as to restrict ITC on stock of iron and stee...

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e-way bill not required till 31.03.2018 for intra-state supplies of goods in Punjab

Notification No. GST-I-2018/101 - (29/01/2018) - Punjab Government has notified under Rule 138(14)(d) of Punjab GST Rules, 2017 that e-way bill will not be required to be generated for a period of two months from 1st February, 2018 for intra-state supply of goods provided such goods do not cross the State boundary during the transit. However, a p...

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Services by Excise and Taxation Department brought under Punjab Right to Service Act, 2011

NO. 5/27/2014-2GR-2(PF)/668042/1 - (15/01/2016) - The Government of Punjab has notified the additional services, stipulated time limit, designated officers, first appellate authorities and second appellate authorities for the purpose of Section 3 of the Punjab Right To Service Act, 2011. This new notification has also brought many services provided...

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Punjab VAT-Rate of tax on iron and steel enhanced to 3.5%

S.O. 9/P.A.8/2005/S.8/2015 - (11/03/2015) - Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005, (Punjab Act No. 8 of 2005), and all other powers enabling him in this behalf, the Governor of Punjab is pleased to make the following ...

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Recent Posts in "Advocate Amit Bajaj"

Capital gain in case of gifted or inherited properties

A capital asset being shares and securities (listed), unit of UTI( listed/unlisted), unit of equity oriented mutual fund (listed/unlisted), zero coupon bonds (listed/unlisted) is considered as long term capital asset if it is retained for more than 12 months and 24 months in case of unlisted shares and securities and land or building or...

Read More
Posted Under: Income Tax |

Expenses Disallowed under section 40A(3) and Section 40A(3A)

Section 40A(3) and Section 40A(3A) deals with Disallowance of 100% of expenditure if payment is made by any mode other than account-payee cheque or draft  in the year of expense or in the subsequent year / Years. Article explains provision of Section 40A(3) and Section 40A(3A) of Income Tax Act, 1961. Section 40A(3) of Income Tax [&hell...

Read More
Posted Under: Income Tax |

Correction in Income Tax / TDS challan after payment

Article explains how we can get corrected Physical Income Tax / TDS challan after payment through Bank with period of correction and format to apply for correction. ...

Read More
Posted Under: Income Tax |

Income Tax – Provisions of Section 269SS and Section 269T

Provisions regulating mode of accepting or taking loans or deposits and mode of repayment of certain loans and deposits are contained under section 269SS and 269T of Income Tax Act 1961....

Read More
Posted Under: Income Tax |

Interest & Remuneration to Partners: Section 40(b)

Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The deductions regarding salary to partners and any payment of interest to partners cannot exceed...

Read More
Posted Under: Income Tax | ,

Assessment or Reassessment Notice U/s 148

The power of assessment or reassessment of any income chargeable to tax that have escaped assessment has been provided under section 147 r w s 148 of Income Tax Act of 1961. If the assessing officer has the reason to believe that any income chargeable to tax has escaped assessment then the assessing officer may subject to the provisions o...

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Posted Under: Income Tax | ,

Tax Audit – Section 44AB – Applicability, Due Date, Forms & Penalty

A person covered u/s 44AD is required to get his books of account compulsorily audited u/s 44AB if such person claims that the profits and gains from the business are lower than the profits and gains computed in accordance with the provisions of section 44AD(1) and if his income exceeds the maximum amount which is not changeable to tax(i....

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Posted Under: Income Tax | ,

e-way bill not required till 31.03.2018 for intra-state supplies of goods in Punjab

Notification No. GST-I-2018/101 (29/01/2018)

Punjab Government has notified under Rule 138(14)(d) of Punjab GST Rules, 2017 that e-way bill will not be required to be generated for a period of two months from 1st February, 2018 for intra-state supply of goods provided such goods do not cross the State boundary during the transit. However, a person may voluntarily generate e-way [&h...

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Taxable event under GST- Supply and its scope

Taxable event is very important matter in every tax law. Its determination is most crucial for proper implementation of any tax law. Taxable event is that on happening of which charge is fixed. ...

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Posted Under: Income Tax |

Complete User Guide for Migration to GST in Punjab

GST Migration starts from 16 December 2016 for State of Punjab. Migration will close on 31st December 2016. Registrants will be provided Provisional ID and Password by ETD, to Login to the GSTN Portal (www.gst.gov.in)....

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Posted Under: Income Tax |

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