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...
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...
Income Tax : In scrutiny assessments it is sometimes seen that huge demands are created against the assessee by framing high pitched assessment...
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...
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...
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...
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...
Goods and Services Tax : Sunyana Sales Corporation Vs State of Punjab (Punjab VAT Tribunal) The Hon’ble Punjab VAT Tribunal allows adjustment of pre-...
Goods and Services Tax : The Hon'ble Punjab & Haryana High Court in a crucial decision has held that input tax credit cannot be disallowed merely for a tec...
Goods and Services Tax : The Hon’ble Supreme Court delivering very important judgment with regard to taxability of inter-state works contract. In the cas...
Goods and Services Tax : Supreme Court, in State of Punjab Vs. M/s. Shreyans Indus Ltd., has held that power of the Sales Tax Commissioner to extend the ti...
Goods and Services Tax : Punjab & Haryana High Court in the case of The Jalandhar Iron and Steel Merchants Association(Regd), Jalandhar vs State of 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...
Goods and Services Tax : The Government of Punjab has notified the additional services, stipulated time limit, designated officers, first appellate authori...
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...
Goods and Services Tax : The penalty in this case has been levied and further upheld by the lower appellate authority on the ground that providing ATM mach...
Most of the States have legislated provision in their respective VAT Acts for allowing a restricted input tax credit on the goods purchased within State if such goods are transferred outside the State otherwise than as sale. Ussualy Input tax credit in such cases is allowed only in excess of 4% or 2%.
Various time limits under Punjab VAT Act, 2005 for example time for filing returns, applying registration, payment of taxes etc. Particulars Rule/ Section Time Application for registration in Form VAT-1 S21, 22, R3,4,5 Within 30 days when such person liable to pay tax Issue of the Registration Certificate R5(1), S21 Within 30 days of application […]
Herebelow is the chart showing various fee payable under Punjab VAT Act, 2005 along with the relevant sections and rules of Punjab VAT Act and Punjab VAT Rules, 2005. Particulars Section Rule Fee Amount (Rs.) VAT or TOT Registration 21,22 3 2000 Issue of duplicate Registration Certificate 21,22 6 100 Cancellation of Registration Certificate 24 […]
Herebelow is the chart showing simple interest leviable on the amount of tax in case of delayed payment of tax under Punjab VAT Act, 2005 under section 32 and section 27(7).It should be noted that such simple interest is not a penal interest and is payable without any requirement of show cause notice and has to be paid along with the delayed payment of tax.
Herebelow we are sharing a complete chart showing the penalties under Punjab VAT Act, 2005 for the benefit of all readers. Offence Penalty (In addition to tax and interest) Section Failure to Register An Amount equal to Tax due 52, 21 Failure to Pay tax when due A Sum @ 2% per month on tax […]
Section 6A of CST Act, 1956 provides that if a dealer claims that he is not liable to pay CST on an interstate movement of goods due to the reason that it is not sale and the goods have been transferred inter-state to any other place of his business or to his agent or principal, then he will have to produce a prescribed form i.e Form F to his assessing authority duly signed by the principal officer of his other place of business or his agent or principal as the case may be.
In the Finance Bill 2012 section 44AD has been amended retrospectively w.e.f A.Y. 2011-12 to the effect that presumptive scheme under the said section is not applicable to persons carrying on profession as referred to in section 44AA(1) or persons earning income in the nature of commission or brokerage income or persons carrying on any agency business.
Constitution is the foundation and source of powers to legislate all laws in India. Parliament, as well as State Legislatures gets the power to legislate various laws from the Constitution only and therefore every law has to be within the vires of the Constitution.
Punjab & Haryana High Court in M/s Balaji Bricks Industries & Another v State of Punjab [VSTI 2012 P&H B-238] has held that lump sum scheme for payment of sales tax on the basis of production capacity of Brick Klin owners is ultra vires of Article 246 read with Entry 54, List-II-State List of Seventh […]
Excise and Taxation Department, Punjab has launched a special drive for finding out the unregistered dealers by way of survey u/s 48 of Punjab VAT Act, 2005, who are eligible for registration under Punjab VAT Act but may not have registered as yet.
