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Innocent purchaser cannot be disallowed ITC for non payment of tax by seller-Landmark Judgement

  AMIT BAJAJ ADVOCATE   24 October 2011 at 23:20

The Punjab & Haryana High court has delivered a landmark judgement namely Gheru Lal Bal Chand Vs. State of Haryana and another on 23/09/2011 disposing off 26 writ petitions challenging the constitutional vires of section 8(3) of Haryana Value Ad ..

Posted in Taxation  1 comments |   2772 Views

Taxation of works contract services under Service Tax

  AMIT BAJAJ ADVOCATE   24 October 2011 at 23:20

Definition of works contract service: Service tax under works contract services has been imposed on the service element involved in the works contracts. It should be noted that unlike VAT laws in various States service tax is applicable only on a fe ..

Posted in Taxation |   17001 Views

Remand of penalty orders in appeal whether justified?

  AMIT BAJAJ ADVOCATE   11 April 2011 at 09:55

Meaning of Remand:When an appellate court sends an appealed case back to the trial court for further action, the case is said to be remanded. This usually happens if the trial judge has made an error which requires a new trial or hearing. ..

Posted in Taxation |   3037 Views

Provisions of section 40(b) of Income Tax Act 1961

  AMIT BAJAJ ADVOCATE   13 February 2011 at 22:56

Section 40(b) of Income Tax Act places some restrictions and conditions on the deductions of expenses available to an assessee assessable as a partnership firm in relation to the remuneration and interest payable to the partners of such firm. The de ..

Posted in Taxation  2 comments |   32565 Views

Locking of TIN No. under rule 51A of PVAT Rules

  AMIT BAJAJ ADVOCATE   04 February 2011 at 22:46

Rule 51A of Punjab VAT Rules has been added in the Punjab VAT Rules 2005 w.e.f 12-09-2008 to provide for the locking of TIN No of a dealer in certain circumstances. Locking the TIN no means the temporary stoppage of interstate moveme ..

Posted in Taxation |   4705 Views

Tax deduction from Works contracts only to be on the taxable turnover

  AMIT BAJAJ ADVOCATE   17 January 2011 at 19:27

Almost all States under their respective VAT laws have made provisions for deduction of VAT from payment to be made to the works contractors at the time of the payment (popularly known as works contract tax or VAT TDS on works contract). The Punjab ..

Posted in Taxation  1 comments |   9773 Views

Understanding E1 and E2 Sales under CST Act 1956

  AMIT BAJAJ ADVOCATE   17 December 2010 at 12:28

Central Sales Tax Act 1956 envisages single point of taxation i.e tax at the first point of sales. Subsequent sales during the movement of the goods from one state to another have been exempted under section 6(2) of CST Act. Before proceeding to u ..

Posted in Taxation  9 comments |   74215 Views

F forms under CST Act 1956

  AMIT BAJAJ ADVOCATE   06 December 2010 at 23:59

To constitute interstate sales, one of the basic requirement is that there should be sale. If a person sends goods outside from its state to its branch office in another state then it is not sale because you cannot sell goods to yourself. Similarly ..

Posted in Taxation  2 comments |   35074 Views

Input Tax Credit on Gross Loss arising, If any from Sales will be Reversed Under Punjab VAT ACT 2005

  AMIT BAJAJ ADVOCATE   25 November 2010 at 23:52

The Excise and Taxation Department, Government of Punjab has amended rule 21 of Punjab VAT rules to add sub rule 2-A in the said rule to provide for that ITC shall be allowed to a taxable person to the extent of tax payable on the resale value of go ..

Posted in Taxation |   6184 Views

Some views on Security for Registration under Punjab Vat Act 2005

  AMIT BAJAJ ADVOCATE   13 November 2010 at 19:25

For registration under the Punjab VAT Act 2005 one of the requirement u/s 25(1) is furnishing of security for securing the payment of tax under PVAT Act 2005. This requirement is compulsory as per the wording of section 25(1) of PVAT Act 2005 which ..

Posted in Taxation |   4146 Views