DELHI GOVT. DECIDED TO ABOLISH STAMP PAPER AND SHIFT TO E STAMPING FACILITY

In a major reform initiative, Delhi government Monday decided to completely do away with stamp paper of all denominations and shift to electronic-stamping facility, a move aimed at ensuring hassle-free transactions and prevent fraudulent practices.

PAN made mandatory for Punjab Vat E Filling

Upgrading the E Filling System , Permanent Account Number Field in Punjab Vat E Filling has been made Mandatory Field, due to which the Vat Dealers who do not have Pan will not be able to file Return and filling of wrong PAN in Pan Field will led to Blocking of Transaction. So the Dealers are advised not to fill wrong PAN.


In Case of Any Problem , Dealers are advised to contact local office.

Income Tax Department Directed to Launch Special Drive for Verifying High Value Transactions

The Central Board of Direct Taxes has directed the Income Tax department to launch a special drive, from 20th January to 20th March 2012, for verifying high value transactions (investments / deposits / expenditure) from persons who are not assessed to income tax or who have not furnished their PAN while entering into such transactions. In an instruction issued today, the CBDT issued proforma for query letters and responses to be issued to the high value investors / depositors / spenders.

Addressees will be required to furnish their PAN if they already have one, or apply immediately for PAN to NSDL / UTIISL if they do not have one. They will also be required to explain the source of the high value investments / deposits / expenditure, and whether these are properly accounted for / explained in the income tax return filed by them. Persons who have not properly accounted for the high value transactions, are required to pay due taxes and file the income tax return within this financial year, i.e. by 31st March, 2012. For furnishing the information called for, visit to the tax office is not necessary. Information can be sent by speed / registered post.

In some cases, the tax officials may also visit the premises of the high value investors / depositors / spenders. In such cases, the taxpayer should verify the identity of the tax official before furnishing information in the prescribed proforma. In case of any grievance or complaint, taxpayer may contact the assessing officer or the additional / joint commissioner or the commissioner concerned. The visiting tax official is required to furnish the telephone numbers of his supervisory officers.

There are penal consequences of not obtaining PAN or reporting it. For not paying proper taxes, there can be penalty up to 300% of the unpaid tax, and also prosecution in some cases.

PPF SCHEME MODIFICATION :- DEPOSIT LIMIT RAISED FROM RS. 70,000 TO RS. ONE LAC WHILE RATE OF INTEREST ON ADVANCES AGAINST DEPOSITS IN PPF SCHEME RAISED FROM 1 PER CENT TO 2 PERCENTAGE POINTS

Modification in PPF Scheme : Deposit Limit Raised from Rs. 70,000 to Rs. One Lac while Rate of Interest on Advances Against Deposits in PPF Scheme Raised from 1% to 2 Percentage Points
The Committee on Comprehensive Review of National Small Savings Fund (NSSF) headed by Deputy Governor, RBI has recommended revision of certain provisions of PPF Scheme, 1968 and benchmarking of interest rates on various small savings schemes with the secondary market yields on Central Government securities of comparable maturities with suitable spread.

POWER OF SURVEY - UNDER INCOME TAX ACT

•  What is Power of Survey in Income Tax Act 
Income Tax survey can be conducted at place where the business of the assesee is being conducted including the place where the books of accounts of assesee or cash or article relating to business or stock of business or any document relating to business are kept.
                               As per the above lines the income tax authority does not have the power to enter into residential premises of the assesee but if the assesee states or the authority finds during survey that any cash, stock, books of account or any document relating to business are kept by assesee at his residential house then the authority can enter residential house of the assesee .

PVAT E FORMS

PUNJAB VAT E FILLING FORMS AGAIN CHANGED w.e.f. 01/07/2011  TO ADOPT A SIMPLIFIED COLOUMN FOR COMMODITY LIST

JUST SELECT TRADE NAME AND FURTHUR COMMODITY OF TRADE IN NEXT COLOMN

JUNE 2011 PVAT UPDATE-1

1.  NEW CHALLAN VAT 2B NOTIFIED , SURCHARGE's 20% PART IS NOW TO BE DEPOSITED IN PUNJAB INFRA DEVELOPMENT FUND, AND BALANCE SURCHARGE IS TO BE DEPOSITED ALONG WITH 90% OF VAT IN CHALLAN VAT 2 .i.e if ur vat amount is 100 and surcharge is 20; then 90(90% of 100)+16(80% of 20) = Rs.106 to be deposited in vat account in challan Vat 2 ;Rs 10(10% of 100) to be deposited in Punjab Municipal Fund in Challan Vat -2A; Rs 4 is to be deposited in punjab infra develeopment fund account in Challan Vat 2B;...no part of surcharge is to be deposited in punjab municipal fund(Vat 2A) as already clarified by ETC, Punjab