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Advocate Amit Bajaj

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One Time Settlement Scheme under Punjab VAT Act & CST Act

Goods and Services Tax : With the advent of GST and dawn of old indirect tax regime in the form of  VAT, service tax and central excise etc, the State and...

January 25, 2021 14187 Views 4 comments Print

Capital gains under Income Tax Act 1961

Income Tax : Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. Th...

October 9, 2020 490500 Views 144 comments Print

Stay of Disputed Income Tax Demands-Important Points

Income Tax : In scrutiny assessments it is sometimes seen that huge demands are created against the assessee by framing high pitched assessment...

September 24, 2020 46706 Views 2 comments Print

Scrutiny assessment under Income Tax Act, 1961

Income Tax : The Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3). For many years now many of the returns of the assesses are...

September 24, 2020 105496 Views 52 comments Print

Compulsory Maintenance of books of account under Income Tax

Income Tax : Maintenance of books of accounts by Professionals: Section 44AA of Income Tax Act and rule 6F of Income Tax rules deal with the pr...

September 23, 2020 487777 Views 29 comments Print


Latest News


WCT Rate in Punjab enhanced from 5% to 6%

Goods and Services 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 t...

April 10, 2013 13784 Views 5 comments Print

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

Goods and Services Tax : It is well esteblished principle that the power to levy penality under taxation laws is incidental and ancillary to the power of c...

February 16, 2010 6048 Views 0 comment Print


Latest Notifications


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

Goods and Services Tax : Punjab Government has notified under Rule 138(14)(d) of Punjab GST Rules, 2017 that e-way bill will not be required to be generate...

January 29, 2018 11406 Views 0 comment Print

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

Goods and Services Tax : The Government of Punjab has notified the additional services, stipulated time limit, designated officers, first appellate authori...

January 15, 2016 1565 Views 0 comment Print

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

Goods and Services Tax : Now, therefore, in exercise of the powers conferred by sub-section (3) of section 8 of the Punjab Value Added Tax Act, 2005, (Punj...

March 11, 2015 19463 Views 0 comment Print


Latest Posts in Advocate Amit Bajaj

Tribunal allows adjustment of pre-deposit u/s 62(5) of PVAT Act 2005

February 12, 2022 1767 Views 0 comment Print

Sunyana Sales Corporation Vs State of Punjab (Punjab VAT Tribunal) The Hon’ble Punjab VAT Tribunal allows adjustment of pre-deposit u/s 62(5) of PVAT Act 2005 from refund amount applied of subsequent periods. It has been laid down that despite judgement of Hon’ble Supreme Court in Tecnimont case (which lays down that no waiver in respect […]

One Time Settlement Scheme under Punjab VAT Act & CST Act

January 25, 2021 14187 Views 4 comments Print

With the advent of GST and dawn of old indirect tax regime in the form of  VAT, service tax and central excise etc, the State and Central Governments are looking forward to bring an end to the litigation in the older regime and in consequence thereof we are witnessing lot of dispute resolution schemes introduced […]

Capital gains under Income Tax Act 1961

October 9, 2020 490500 Views 144 comments Print

Any Income derived from a Capital asset movable or immovable is taxable under the head Capital Gains under Income Tax Act 1961. The Capital Gains have been divided in two parts under Income Tax Act 1961. One is short term capital gain and other is long term capital gain.

Stay of Disputed Income Tax Demands-Important Points

September 24, 2020 46706 Views 2 comments Print

In scrutiny assessments it is sometimes seen that huge demands are created against the assessee by framing high pitched assessments due to difference in opinion on interpretation of law or interpretation of facts or due to the fact that AO is not satisfied with the explanations offered by the assessee in regard to loan creditors or cash credits or gifts etc.

Scrutiny assessment under Income Tax Act, 1961

September 24, 2020 105496 Views 52 comments Print

The Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3). For many years now many of the returns of the assesses are accepted as they are being filed by the assesses and intimation is sent u/s 143(1) and only fewer cases are selected for scrutiny assessment based upon some predetermined criterias. Therefore every assessee desires that his return should be accepted as it is filed u/s 143(1) and not subjected to scrutiny.

Compulsory Maintenance of books of account under Income Tax

September 23, 2020 487777 Views 29 comments Print

Maintenance of books of accounts by Professionals: Section 44AA of Income Tax Act and rule 6F of Income Tax rules deal with the provisions regarding maintenance of books of accounts under Income tax Act. As per section 44AA(1) read with rule 6F the persons carrying on any of the profession as mentioned below are required to maintain books of accounts and other documents as may enable the assessing officer to compute his total income, if yearly gross receipts of the profession exceeded Rs 150000.

Capital Gain on Conversion of Capital Asset into Stock in Trade

September 22, 2020 258560 Views 20 comments Print

Section 45(2) of Income Tax Act deals with the cases where a capital asset is converted into stock in trade. Whenever a capital asset is converted into stock in trade by an assessee it is deemed as transfer of capital asset and attracts capital gain provisions, in spite of the fact that the ownership of such capital asset doesn’t change by such conversion.

Use of section 144A of the Income Tax Act 1961

September 22, 2020 64540 Views 2 comments Print

Assessments under Income Tax Act 1961 are made U/S 143, 144, 147, 153. The criteria’s for selection of cases for scrutiny has been increased. While making the assessment the assessing officer has to appreciate all the facts properly. If there is any misinterpretation of facts it may result in injustice to the assessee. Some times when there is confusion regarding interpretation of facts as appearing in a particular case or confusion regarding any law point the assessing officer tends to consult their senior officials like Additional Commissioners or else.

Scope of scrutiny assessment in AIR cases under Income Tax Act 1961

September 9, 2020 14561 Views 0 comment Print

Income Tax Department nowadays selects almost all cases for scrutiny assessment under section 143(2) of Income Tax Act 1961 based upon AIR(Annual Information Return) transactions or through CASS. It is sometimes seen that when a case is selected for scrutiny assessment on the basis of AIR transactions, assessing officer also sometime tend to make additions on grounds other than AIR transactions like on the basis of inadequate withdrawals etc or on the basis of estimated additions.

Scope of prima facie adjustment u/s 143(1) of Income Tax Act

July 29, 2020 35467 Views 16 comments Print

Many times I have observed in the industry that there is various doubts and misconceptions regarding Intimation u/s 143(1) i.e summary assessment. Hence today I have decided to discussed this for better understanding of the section. So lets start the discussion. Some reasons which may attract demand U/s 143 (1): 1. TDS Credit Mismatch 2. […]