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...
Transfer of Right to use goods for cash, deferred payment or valuable consideration is considered as deemed sales under sub-clause (d) of Article 366(29A) of Constitution of India and also consequently under Punjab VAT Act and CST Act liable to VAT and CST respectively. Right to use of tangible goods service has also been brought under service tax net by the Finance Act, 2008, w.e.f 16-05-2008 vide notification No. 18/2008-ST, dated 10-05-2008.whereby taxable service has been defined u/s 65(105)(zzzzj) of Finance Act, 1994 to mean as
In the Budget-2012-13 under the new Reverse Charge Mechanism in certain services the receipient of the service has been made liable to pay tax instead of service provider. In three of services namely hiring of means of transport, construction and man power supply both service receiver and service providers have been made liable to tax in the prescribed percentages.
In works contract service lump sum scheme for payment of service tax in a works contract has been introduced by amendment in Rule 2A of the Service Tax (Determination of Value) Rules, 2006 vide Notification No. 11/2012 – Service Tax dated 17-03-2012. In works contract service there were two types of schemes which were earlier available i.e payment of service tax on actual service involved and the composite scheme.
In an old judgement but useful Judgment Bombay High Court in the case of CIT Vs. Godavari Saraf held that until contrary decision is given by any other competent High Court, which is binding on a Tribunal in the relevant State, it has to proceed on the footing that the law declared by the High Court, though of another State, is the final law of the land. Which means that once a decision is given by any of the High Courts in the country and there is no contrary decision by any other High Court on the same issue then such decision of High Court will be binding on all the administrative authorities and Tribunals through out India.
Punjab VAT Tribunal is a very important case namely Baba Ji Rice Mills, vs. State of Punjab (2012) 41 PHT 197 (PVT) has held that once the case is hit by point of limitation,payment of 25% of the additional demand not essentially to be adjudicated. It is notable here that as per section 62(5) of Punjab VAT Act, 2005 prior payment of 25% of additional demand is mandatory before any appeal is being heard.
To constitute interstate sales, one of the basic requirement is that there should be sale. If a person sends goods outside from its state to its branch office in another state then it is not sale because you cannot sell goods to yourself. Similarly if a dealer sends goods to its agent in another state who stocks and sells goods on behalf of the dealer, such agent is called consignment agent and such stock transfer is also not considered as interstate sales since there is no sales involved in it, sales will take place when such agent will sell goods. But to prove such stock/branch transfer, F form is required to be produced as proof.
There are two components in every works contract one is material component and other is labour component. Material incorporated in a works contract is considered as deemed sales to the contractee and hence is liable to VAT or sales tax. To arrive at the material component involved in a works contract deductions for labour component […]
ITO Vs. Nasir Khan J. Mahadik (ITAT Mumbai)-Mumbai ITAT has in the following case deleted the additions made on account of opening balances of unsecured loans and the notional interest on such loans. The Tribunal held that only fresh loans or additions to the loans during the year in question can be considered for the purpose of addition. Previous years loans cannot be added to subsequent year’s income by claiming them to be unexplained.
Punjab Government has promuglated a new ordinance so as to amend the Punjab Tax on Entry of Goods into Local Areas Act, 2000. By this ordinance word ‘Goods’ in the said Act has been defined, section 3-A and section 4 of the said Act has also been amended.
Section 21 of Punjab VAT Act, 2005 read with Rules 3,4,5,6 of Punjab VAT Rules provides the process for registration. Second proviso to section 21(3) of Punjab Vat Act, 2005 provides that during the pendency of an application for registration the applicant shall file return and pay the due amount of tax, in the prescribed […]
