Vinod & Narendra

Amendment in Gujarat VAT Rules for filing of Returns & VAT Audit Report

October 29, 2014

[By Shaleen Shah (Partner), VNCA] The Gujarat State Government has recently issued a Notification dtd. 15-Oct-2014 making significant amendments to the Gujarat Value Added Tax Rules, 2006 with effect from the date of the Notification. The gist of the amendments is as under. PROVISIONS RELATING TO FILING OF MONTHLY /

Due date for deposit of TDS/TCS of Sep-14 extended to 10-Oct-14

October 1, 2014

Income Tax

Press Release from CBDT Extension of the due date of deposit of tax deducted at source/tax collected at source during the month of September, 2014. Considering the consecutive holidays owing to the festive season and weekend during the first week in the month of October, 2014, the Central Board of

Guj-VAT Notifications–Reversal of ITC on purchases used for inter-state trade

September 29, 2014

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] We have informed you earlier (Guj-VAT Notification: Disallowance of ITC) that under Gujarat VAT laws, Input Tax Credit (ITC) is to be reversed by 2% on taxable turnover of Purchases when – (a) the goods are sold / resold in the course of inter-state trade

Long-term FMP Investors Face Almost Zero Tax Now

August 29, 2014

Income Tax

Investors in short-term debt funds may be ruing the changes in tax rules but long-term investors have plenty to smile about. They are still eligible for a tax bonanza, thanks to the indexation benefit available on investments of more than three years. If you invested in a three year fixed-maturity

Budget (No.2) of 2014–Service Tax Amendments

July 29, 2014

Service Tax & CBEC

[By Shaleen Shah (Partner), VNCA] Downloadable PDF File Amendments relating to service tax proposed in the Finance (No.2) Bill, 2014 as passed by the Lok Sabha on 25-7-2014, with relevant Notifications issued, are discussed as under. The date on which the amendments are effective are indicated against each clause. The

New Online Facility for Input Tax Credit verification (Gujarat VAT)

January 9, 2014

Gujarat VAT & CST

[By Shaleen Shah (Partner), VNCA] You are aware that all dealers registered under Gujarat VAT Laws are required to file their returns online. Along with the main E-Return for VAT, each dealer (other than dealers who have opted for composition) is required to upload online the following details – Annexure

Common return for service tax, excise duty on back burner

January 7, 2014

Service Tax & CBEC

Common return for service tax, excise duty on back burner

Withhold TDS when purchasing property from builder

December 23, 2013

Income Tax

When I met my friend Ameya Joshi last weekend over coffee, he excitedly informed me that he had recently booked a four-bedroom apartment in an upcoming scheme of a reputed builder. He went on to explain how good a deal he had bagged, both from the builder and the bank

Extension of due date for filing Gujarat VAT Annual Return

December 20, 2013

Gujarat VAT & CST

In a Circular issued by the Commercial Tax Department on 20-Dec-2013, the due date for Filing of Gujarat VAT Audit Report u/s 63 of the Gujarat Value Added Tax Act, 2003 for the financial year 2012-13 has been extended to 31-Jan-2014. The due date for obtaining VAT Audit Report has

Liability outstanding for long period of time in books is assessable as income

December 16, 2013

Income Tax

In a recent decision, Mumbai Income Tax Tribunal has held that where a liability was outstanding on books for a disproportionately long period of time and the assessee is unable to prove the identity & genuineness of creditors, such long outstanding liability will be assessed as income under section 41(1)

Earlier Posts

Amendment in Gujarat VAT Rules for filing of Returns & VAT Audit Report

Due date for deposit of TDS/TCS of Sep-14 extended to 10-Oct-14

Guj-VAT Notifications–Reversal of ITC on purchases used for inter-state trade

Long-term FMP Investors Face Almost Zero Tax Now

Budget (No.2) of 2014–Service Tax Amendments

New Online Facility for Input Tax Credit verification (Gujarat VAT)

Common return for service tax, excise duty on back burner

Withhold TDS when purchasing property from builder

Extension of due date for filing Gujarat VAT Annual Return

Liability outstanding for long period of time in books is assessable as income

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