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Taxation Articles


Efiling of Income Tax Return made compulsory for Individuals

  AMIT BAJAJ ADVOCATE   14 July 2010 at 14:40

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 ..


Posted in Taxation  3 comments |   6256 Views


new Code is a problem to taxpayers

  Raj Kumar Makkad   18 June 2010 at 06:41

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 ..


Posted in Taxation |   1677 Views


Procedure for VAT registration in Punjab

  AMIT BAJAJ ADVOCATE   15 June 2010 at 14:57

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 ..


Posted in Taxation |   15442 Views


Penalities under PVAT Act can be adjusted against Excess ITC

  AMIT BAJAJ ADVOCATE   15 June 2010 at 14:57

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. ..


Posted in Taxation |   3102 Views


Meaning of Turnover or sales for the purpose of Tax Audit

  AMIT BAJAJ ADVOCATE   04 June 2010 at 06:53

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 ..


Posted in Taxation |   6072 Views


SECTION 51 OF PUNJAB VAT ACT 2005

  AMIT BAJAJ ADVOCATE   29 May 2010 at 14:46

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 ..


Posted in Taxation |   5761 Views


C forms can be submitted even at appellate Stage

  AMIT BAJAJ ADVOCATE   29 May 2010 at 14:46

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 ..


Posted in Taxation |   3284 Views


Provisions of section 269SS and 269T of Income Tax Act

  AMIT BAJAJ ADVOCATE   29 May 2010 at 14:46

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 ..


Posted in Taxation |   8565 Views


Some Views on Penal Provisions u/s 29(8) of MVAT Act

  AMIT BAJAJ ADVOCATE   28 May 2010 at 16:23

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 ..


Posted in Taxation |   3518 Views


RULE 51A OF PUNJAB VAT RULES

  AMIT BAJAJ ADVOCATE   26 May 2010 at 10:59

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 ..


Posted in Taxation |   3956 Views