Due date of filing "VAT-annual return" in UP extended
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Extension of date for e filing-Assam VAT
Time Limit for report e filing u/s 29 of the Assam VAT Act, 2005 and filing audit has been extended up to 31 December 2012.
Reference :-Notification No FTX.55/2005/Pt-IV/77 dated 13 Decemver 2012
Reference :-Notification No FTX.55/2005/Pt-IV/77 dated 13 Decemver 2012
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VAT to be charged on set Top Boxes-Delhi VAT
As per circular issued recently by Delhi Commercial department, cable operator will have to pay VAT on charges for installing set top boxes.
The Govt. of India has recently taken initiative of digitizing the Indian Television Industry in the next three years. As a result set top boxes were expected to be placed/installed by various cable operators in Delhi region by 31.10.2012, the deadline imposed by the Ministry of Information and Broadcasting, Govt. of India.
The set top boxes are being supplied to the cable users by the cable operators on lease basis
against refundable securities. It is reported that these operators are not paying VAT on these
transactions terming the same as intrustment, thereby denying the state of its legitimate right
to impose VAT on these transactions.
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Due date extended for filing Audit Report for assessees other than Companies-Kerla VAT Act
GOVERNMENT OF KERALA
OFFICE OF THE COMMISSIONER COMMERCIAL TAXES
No.C1-34099/2012/CT Thiruvananthapuram: 30.11.2012CIRCULAR No. 29/ 2012
KVAT Act, 2003 – Sec.42 – Audited Report and statements in Form No.13 & 13A -Extension of time limit for filing ‘Audit Report’ of the year 2011-12 – reg.
Considering the request from various trade bodies and in modification of the circular read above, the time-limit for filing certified Audit Report in Form No. 13 and statement of particulars in Form 13A relating to the assessment year 2011 – 2012, for assessees ‘other than companies’ is further extended up to 31st December, 2012.
All assessing authorities shall take note of the above position.
COMMISSIONER
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Issuance of statutory forms in advance-Delhi State
GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI
DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH)
No.F.3/310/Policy/VAT/2012/964-970 NEW DELHI: 12.12.2012CIRCULAR NO 24 OF 2012-13
The matter regarding advance issue of ‘C’ Forms has been examined and it has been decided to discourage advance issue of forms except in exceptional circumstances. Also, it should be ensured that the item is allowed on the Central RC of the purchasing dealer for stated purpose.
In order to check any misuse of these forms, the Assessing Authorities are directed to strictly follow the following guidelines:
i) The purchasing dealer shall enclose a letter along with the requisition slip from selling dealer clearly stating that “goods will be dispatched only against advance statutory forms”.
ii) Name & address of the Assessing Authority of the selling dealer alongwith copy of Registration Certificate of selling dealer may be made available by purchasing dealer.
iii) Proforma invoice indicating the amount of purchase, excluding CST, cash discount, job work, cost of Freight, deliveries, freight or Installation, if separately charged and admissible as deduction.
iv) The Assessing Authorities shall obtain approval of Special Commissioner-II on file before issue of the advance forms.
v) Advance forms may be issued through the DVAT system only.
vi) The form may be duly filled in recording the Name, RC No. of the dealer as well as its selling dealer and on the top of original copy, it may recorded in red ink- “ADVANCE FORM” issued for a sum not exceeding Rs. ------------- (as mentioned on proforma invoice) for purchase of ----------------item valid for -------------(FY). A transparent tape may be pasted on the above words.
vii) Adequate security should be obtained from the purchasing dealer to safeguard against possible misuse of form.
(Prashant Goyal)
Commissioner (Value Added Tax)
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Issuance of statutory forms in advance-Delhi State
GOVERNMENT OF NATIONAL CAPITAL TERRITORY OF DELHI
DEPARTMENT OF TRADE AND TAXES (POLICY BRANCH)
No.F.3/310/Policy/VAT/2012/964-970 NEW DELHI: 12.12.2012CIRCULAR NO 24 OF 2012-13
The matter regarding advance issue of ‘C’ Forms has been examined and it has been decided to discourage advance issue of forms except in exceptional circumstances. Also, it should be ensured that the item is allowed on the Central RC of the purchasing dealer for stated purpose.
In order to check any misuse of these forms, the Assessing Authorities are directed to strictly follow the following guidelines:
i) The purchasing dealer shall enclose a letter along with the requisition slip from selling dealer clearly stating that “goods will be dispatched only against advance statutory forms”.
ii) Name & address of the Assessing Authority of the selling dealer alongwith copy of Registration Certificate of selling dealer may be made available by purchasing dealer.
iii) Proforma invoice indicating the amount of purchase, excluding CST, cash discount, job work, cost of Freight, deliveries, freight or Installation, if separately charged and admissible as deduction.
iv) The Assessing Authorities shall obtain approval of Special Commissioner-II on file before issue of the advance forms.
v) Advance forms may be issued through the DVAT system only.
vi) The form may be duly filled in recording the Name, RC No. of the dealer as well as its selling dealer and on the top of original copy, it may recorded in red ink- “ADVANCE FORM” issued for a sum not exceeding Rs. ------------- (as mentioned on proforma invoice) for purchase of ----------------item valid for -------------(FY). A transparent tape may be pasted on the above words.
vii) Adequate security should be obtained from the purchasing dealer to safeguard against possible misuse of form.
(Prashant Goyal)
Commissioner (Value Added Tax)
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Service Tax (Determination of Value) Rules,2012
Service Tax (Determination of Value) Second Amendment Rules, 2012
Vide Notification No-24/2012-Service Tax dated 06th June 2012, Government has made amendment in rules 2B, 3, 5 & 6; and inserted a rule 2C;and Rule 2A has been substitued while Rule 7 has been omitted.
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In exercise of the powers conferred by clause (aa) of sub-section (2) of section 94 of the Finance Act, 1994 (32 of 1994) and in supersession of the notification of the Government of India in the Ministry of Finance (Department of Revenue) number 11/2012 - Service Tax, dated the 17th March, 2012, published in the Gazette of India, Extraordinary, vide number G.S.R. 209 (E), dated the 17th March, 2012, the Central Government, hereby makes the following rules further to amend the Service Tax (Determination of Value) Rules, 2006, namely :-
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NRI- Non Resident Indian
An Indian staying abroad for a quite time is
popularly known as NRI and family having such member feel proud in our society but I am not here to discuss social prospective of the NRI, I will try to throw a light on the legal prospective.No doubt, Person having NRI status has some privileges over
other but there are some restrictions also. Here I am going start a series just
to sum up the related provisions in the different law & regulation which may be useful, however it
should be kept in mind that this series is an insight of the provisions which have
been compiled on the basis my various readings in the time and no decision should not be taken just on the basis of this material.
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Indian Government Accounting Standard-3
The Government
of India is empowered by clause (2) of the article 293 of the constitution to
make loans to as may be laid down by the
law made by parliament, any such sums required for purpose of making loan shall
be chargeable to the consolidated Fund of India.
In exercise of
power conferred by Article 150 of the constitution, Government has issued an
accounting standard on loan and advance made by government.
This Accounting
standard deals with the norms for Recognition,
Measurement, Valuation and Reporting in respect of Loans and Advances made by
the Union and the State Governments in their respective Financial Statements to
ensure complete, accurate, and uniform accounting practices, and to ensure adequate
disclosure on Loans and Advances made by the Governments consistent with best
international practices.
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Compulsory E- filing of ITR by Individual/HUF
1) An individual or HUF must file the return of income electronically
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Business information, contracts, records etc are “intangible assets” & eligible for depreciation under section-32(1)(ii)
The assessee company acquired a transmission and distribution business as a going concern for a lump sum consideration of Rs.44.7 crores through slump sale agreement.
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Maharashtra-Budget-2012-2013
Maharashtra-Budget-2012-2013
1. On Line
facility to Dealers:-
(a) It is proposed to provide a new system in which a dealer
purchasing goods will be able to verify online tax paid by the selling dealer.
This will bring transparency in the tax system and also curb tax
evasion.
(b) Facility of refund payment through ‘ECS’ will be made
available to the dealers.
(c) Declarations under Central Sales Tax Act, such as ‘C’ forms,
etc. will also be issued in electronic form.
2. G.S.T.:- In the recent
budget the Central Government has announced 1st August 2012 to be the
operational date for Goods and Services Tax Network. Maharashtra has actively participated in its
development .
3. Fees for filing late returns and Penalty for
late registration:-
(a)A late fee of Rs. 5,000 in place of penalty of Rs.5000/- for
late filing of return is proposed. A dealer will not be able to upload his
return without payment of this late fee.
(b) Penalty is also proposed
for failure to apply for registration within the prescribed time
4. Strictness for not attending the hearing or
asking adjournment at pending appeals:
(a) If the appellant fails to attend or seeks adjournment on three
occasions, he shall have to pay a minimum amount of 15 per cent of the disputed
amount or Rupees 15 crore whichever is less, for the stay to continue.
(b) Also in order to reduce the number of appeals filed by
Government to High Court, provision similar to section 268-A of the Income Tax Act
is proposed.
Increase in Tax base through increase in rate or bringing
new commodity under Tax net.
1. Propose to levy tax at 5 per cent on sales of furnishing cloth
at the last point of sales
2. Proposed to levy tax at 12.5 per cent on sales of Beedi
3. Proposed a levy of tax of
5 per cent on sale of LPG for domestic use
4. Plaster of Paris is used in interior decorations. Rate of tax on
this is proposed to be enhanced from 5 per cent to12.5 per cent.
5. Purchase tax is proposed on purchases of cotton
and oil seeds from unregistered persons. The rate of purchase tax will be same
as that on sales and set-off will be available as prescribed in the rules.
6. Motor Vehicle
Tax is levied on cars and jeeps as per their price. Presently it is as
follows:-
Price range
|
Rate
|
Proposed
|
vehicles costing up to Rs. 7 lakh
|
7%
|
Rate shall be increased by 2% on Petrol vehicles and by 4% on Diesel
vehicles
|
vehicles costing between Rs. 10 to 20 lakh
|
8%
|
|
vehicles costing above Rs. 20 lakh
|
9%
|
Thus rate would be
Price range
|
Rate
if it is petrol vehicle
|
Rate if it is Diesel vehicle
|
vehicles costing up to Rs. 7 lakh
|
9%
|
11%
|
vehicles costing between Rs. 10 to 20 lakh
|
10%
|
14%
|
vehicles costing above Rs. 20 lakh
|
11%
|
15%
|
Logical change
in Rate of Tax to remove difficulty :-
(a)
On dry fruits :-The rate of tax
on cashew nuts is 12.5 per cent, while other dry fruits are taxed at 5 per
cent. Different tax rates on dry fruits are inconvenient to trade. Therefore, I
propose a single rate of 5 per cent for all dry fruits from 1st April, 2012
(b)
TDS on Works Contract by unregistered dealers.
There is a provision to deduct 4 per
cent TDS on Works Contract executed by unregistered dealers. General rate of
composition on construction work is 5 per cent. Hence, TDS rate in this case is
proposed at 5 per cent
(c)
Semi processed meat and fruits sold in sealed containers or in
frozen state are liable to 5 per cent tax. But similar vegetarian foods are
liable to 12.5 per cent tax. Hence, Proposed reduction in tax on these to 5 per
cent.
Reduction in set-off on
Branch Transfers outside the State:- Reduction in rate of Central Sales
Tax by Central Government from 4 per cent to 2 per cent has adversely affected
State revenue. Therefore, as a revenue protection measure, I propose to reduce
set off in case of branch transfers outside the State by 4 per cent instead of
2 per cent from 1st April, 2012.
Tax Concessions.
Existing
|
Proposed
|
||
Presently some essential goods such as rice, wheat, pulses and their
flour, turmeric, chillies, tamarind, gur, coconut, coriander seeds,
fenugreek, parsley (suva), papad, wet dates, solapuri chaddars and towels are
exempted from tax upto 1st March 2012.
And tea is presently taxable at lower rate of 5%.
|
Exempt up to 31-3-2012
|
exemption extended on these upto 31st March 2013
Lower rate of 5 % tax on tea will also continue upto
31st March 2013
|
|
Rate of tax on cotton yarn
|
5%
|
proposed reduce to 2 per cent
|
|
Tax rate on writing boards and pads, examination pads, black,
white or green boards, drawing boards, drawing charcoal, erasers, foot
rulers, stapler, glitter pen, sketch pen, pencil leads, oil pastels and
envelopes
|
12.5%
|
proposed reduce to 5 per cent
|
|
Rate of tax on Machineries and equipments used in poultry
industry ( To promote poultry industry in the State)
|
12.5%
|
proposed reduce to 5 per cent
|
|
Tax rate on adult diapers, sanitary napkins, raincoats, safety helmets,
ribbons, bow and kajal, articles made from bamboo and rock salt.
|
12.5%
|
proposed reduce to 5 per cent
|
|
Concession in Motor Vehicle Tax to CNG vehicles
|
Proposed to reduce the tax rate by 2 per cent for each of the
slabs, on purchase of a new motor vehicle fitted with CNG kit by the
manufacturer. The new tax rate will be 5 % for vehicles costing upto Rs.10
lakh, 6 % for vehicles costing between Rs. 10 to 20 lakh and 7 % for vehicles
costing above Rs. 20 lakh
|
||
è Exemption to oil
and oilcake manufactured and sold by Tel Ghani certified by Khadi and Village
Industries Board, upto a turnover of rupees 20 lakhs in a year.
è Full exemptions
to ‘Purak Poshak Ahar’ supplied to Anganwadis under the integrated child development
scheme
è It is proposed
to fully exempt battery operated vehicles from Motor Vehicle tax.
Other Proposals
Entry Tax
Proposed to levy entry tax of 12.5 per cent on Natural Gas. Full
set-off on Natural Gas will be available under MVAT Act, if it is resold. In
any other case, set-off will be available in excess of 3 per cent.
Profession Tax.
(a) The tax liability of a person applying for new enrolment under
Profession Tax Act, for unenrolled periods will be restricted to eight years
prior to the year of initiation of proceedings or application for enrolment.
(b) Provision for revised return and a provision for late fee of
Rupees 1000 instead of penalty of Rs. 300 for late filing of return is
proposed.
Sugarcane Purchase Tax :-
The State Government has declared a scheme for exemption from
Sugarcane Purchase Tax to sugar factories establishing co-generation units.
Stamp Duty:- In order to simplify the Stamp Duty
structure, the present slabs for charging of Stamp Duty on conveyance deeds of
immovable properties is proposed to be replaced by a simpler rate of 3 per cent
for areas falling under Grampanchayats, 4 per cent for areas under Municipal
Councils and Influential Areas and 5 per cent for other urban areas including Municipal
Substantial old dues of electricity duty are outstanding.
Majority of the dues are disputed in courts of law. In order to settle
these disputes and recover outstanding dues quickly, I propose an Amnesty
Scheme. In this scheme, if the outstanding electricity duty as on 31st
December, 2011, is paid in one installment, it is proposed to waive 50 per cent
of interest accrued thereon, subject to withdrawal of pending court cases. This
scheme will be in operation from 1 st April, 2012 to 30 th June, 2012.
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Alternate Minimum Tax/Minimum Alternate Tax on the person other than Company
Alternate Minimum Tax/Minimum Alternate Tax on the
person other than Company
The concept of Minimum Alternative
Tax (MAT) or Alternative Minimum Tax (AMT) has been introduced under the Income
tax to tax the “zero rate” companies i.e , company earning high profit but
paying less or no tax. It happens due to the various exemptions, deductions,
incentives granted by the Income Tax law.
Generally a company is liable to pay
MAT/AMT if its regular Income tax is less than the MAT/AMT in the previous
year.
Presently MAT provisions are
applicable to Companies and to Limited Liability partnership but other Assesee like
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Madhya Pradesh Budget 2012-2013-Proposals
Madhya Pradesh
Budget 2012-2013-Proposals
1.
Registraion:-(a)Waiver of
Registration fee- It is proposed to waive registration fee if Registration is
applied on-lie
(b) Increase of Registration fee- Fee would be
Rs.1000/- (presently Rs.500/-) if registration applied manually,
Fee is being increased to just avoid manual
applications & promote use of online facility
2.
Extension of utilization of I.T.R-
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Personal taxation-Budget 2012-2-13
Increase in Basic exemption Limit:-
Basic
exemption limit for individual taxpayers other than Senior citizen has been
marginally raised from Rs.1,80,0000/- to Rs.2,00,000/- and Gender based
discrimination between male and female has been done away with.
Change in Income slab:-
Presently
Income slab between Rs.5,0,000/- to Rs.8,00,000/- is chargeable @20%, which has
been proposed to change & increase up to Rs.10,00,000/-from Rs.8,00,000/-
present, that is say, income slab between Rs.5,00,000/- to Rs.10,00,000/- would
be chargeable @20%.
Effect of the above changes can be
summarised as under
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