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...
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.
Under section 51 of PVAT Act 2005 information collection centers have been established by the Punjab Government at various places with a view to prevent and check the evasion and avoidance of tax under PVAT Act. Section 51(1) of PVAT Act authorizes the state government to establish such information collection centre or check posts by notification.
FIR means First Information Report i.e report about the happening of a crime. Whenever anyone meet with a crime or see the crime happening and he informs the police, it should constitute an FIR and police should not refuse to register it.
The Punjab VAT Rules have been amended to provide for that the input tax credit on purchase of goods from manufacturer or importer will be available to a dealer only up to the fourth stage of its purchase. The dealers will also have to mention on the bills that on which stage he is selling the goods. VAT form 23 and 24 has also been amended to this effect.
