Efiling of Income Tax Return made compulsory for Individuals and HUFs who are covered under section 44AB The Efiling of ITR 4 has been made compulsory by the Income Tax Department for the Assessment year 2010-11 for those individuals and HUFs who ar ..
Pranab Mukherjee must look for ways of tax reduction as higher rates lead to more evasions My appetite is infinite and greed is more," says Finance Minister Pranab Mukherjee to Income Tax Commissioners exhorting them to collect more. He also ..
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 ..
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. ..
A person is required to get his accounts audited u/s 44AB if 1)The turnover of business exceeds Rs 60 Lakhs, or 2)The Gross Receipts of Profession exceed Rs 15 Lakhs. In case of business what should be the meaning of turnover/sales? Should it be G ..
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 ..
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 pr ..
Finance is the important part and need of every business. The own capital of a person may not be always sufficient to meet the needs of finance of the business. Therefore the Loans and deposits become necessary and important to meet the financial ne ..
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 welfar ..
A new rule 51A has been introduced under the Punjab VAT Rules authorizing the commissioner or designated officer under the Act to lock the TIN No of the person registered under the Act. Locking the TIN no means the temporary stoppage of interstate m ..
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