taxation

TAXABILITY OF FEES FOR TECHNICAL SERVICES p align="center" class="MsoNormal" style="text-align: center; margin: 0in 0i..

Understanding the provisions relating to Transfer Pricing under Income Tax Act 1961 With the advent of MNCs(Multi National Concerns) a trend has also been adopted by the MNCs to structure their investments and business strate..

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 tho..

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 hinted at unfolding the revised draft of the direct tax code and phase-out deductions...

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 taxab..

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 se..

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 Gross sales or net sales? Should it include VAT, Sales tax or excise duty? The meaning of turnover/sales for ..

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..

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 span class="IL_AD" id="IL_AD5..

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 needs of the business. But while taking loans and accepting deposits one also has to keep in mind the restri..

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. Recently I have come across section 29(8) of MVA..

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 movement of goods of the concerned person for the purpose of verification or further legal action. Temporary stoppage is done by locking the TIN N..

The entries in the legislative lists are divided into two groups- one relating to the power to tax and the other relating to the power of general legislation relating to specified subjects. Taxation is considered as a distinct matter for purposes of legislative competence. Hence, the power to tax cannot be deducted from a general legislative Entry as an ancillary power. Thus, the power to legislat..

The most awaited SARAL II form i.e ITR-1 has been notified by the CBDT for the A.Y 2010-11 vide notification  dated 23/04/2010. The new SARAL II Form is different from the earlier ITR-1 form in many respects. The new SARAL II (ITR-1) form is of two pages only. The earlier ITR-1 form was also of two pages but the earlier ITR form could be filed by only those assessee who..

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