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...
The VAT forms i.e VAT 15 form has been updated in view of the change in the rate in the PVAT Act on schedule B goods from 4% to 5% and additional surcharge levied @ 10%. The next quarterly VAT Return under the PVAT Act 2005 is due to be filed in the next month of April.
Section 62(5) of the PVAT Act 2005 provides for the precondition of deposit of 25% of total amount of tax, penalty and interest, if any before entertaining any appeal. Such condition was also imposed even on those appellant whose entire goods are detained by the department u/s 51 even if the value of such detained goods exceed the total amount of tax, penalty, interest. In such cases it results in burdening the assessee with another liability.
There is no change in the rates of Income Tax for Partnership firms, Limited Companies. But Current surcharge of 10 per cent on domestic companies reduced to 7.5 per cent and Minimum alternate tax on the book profits is increased from 15% to 18%. The Deduction u/s 80C has been increased by Rs. 20000 subject to the condition that the additional deduction of Rs 20000 shall be available if the investment is made in the Infrastructure bonds.
Section 15 of PVAT Act 2005 deals with the Net Tax Payable by a taxable person. Sub section 1 of Section 15 provides that the output tax under PVAT Act shall be adjusted from the Input Tax Credit for determining Net Tax Payable by a taxable Person. If any excess ITC is still left then it is to be adjusted from the CST liability under CST Act 1956 at the option of the taxable person as per section 15(2) of PVAT Act.
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.
The Government of Punjab has recently imposed Entry Tax on 12 new items under section 3A of Punjab Tax on Entry of Goods into Local Areas Act, 2000 (Punjab Act No.9 of 2000). The List of which has already been provided in the articles published earlier.
Punjab VAT notification levying additional tax ; Effective February 5, 2010, dealers are required to charge an additional tax calculated at 10% of the amount of tax payable. The additional tax in respect of liquor shall be effective April 1, 2010., Punjab Entry Tax notifications levying entry tax on certain goods
Under section 8(1) of the Central Sales Tax Act 1956 an Interstate sale to a registered dealer can be made at the concessional rate of Central sales tax i.e. @2% existing at this time. But for claiming concessional rate of CST the seller needs to produce a declaration in the prescribed form duly filed and signed by the registered dealer in a prescribed form obtained from a prescribed authority.
Declared goods are the goods of special importance on which there are certain restrictions placed under CST Act 1956 on imposition of sales tax or VAT by the states. Article286(3)(a) of the Constitution of India authorises parliament to declare some goods as of special importance and to impose restrictions and conditions in regard to power of the states in regard to levy, rates and other incidence of tax on such goods.
The Government of Punjab has levied Surcharge/Additional Tax @10% on all the goods under Punjab VAT Act 2005 other than those seecified as declared goods under section 14 of Central sales Tax Act 1956 with effect from 05-02-2010. However this surcharge or additional tax will be levied on Liquor with effect from 01-04-2010.
