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Articles by Amit Bajaj

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Restricted Input tax credit on inter-state stock transfers

  Amit Bajaj    03 July 2012 at 13:52

Restricted Input tax credit on inter-state stock transfers whether constitutional? Most of the States have legislated provision in their respective VAT Acts for allowing a restricted input tax credit on the goods purchased within State if such goo

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Posted in Others  4 comments |   30576 Views


Whether F form is required if goods are sent inter-state

  Amit Bajaj    19 June 2012 at 12:00

Whether F form is required if goods are sent inter-state for job work or repairs? Section 6A of CST Act, 1956 provides that if a dealer claims that he is not liable to pay CST on an interstate movement of goods due to the reason that it is not sa

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Posted in Others  4 comments |   48126 Views


Persons carrying on agency business or earning commission

  Amit Bajaj    24 May 2012 at 11:45

Persons carrying on agency business or earning commission income should revise their return for A.Y 2011-12, if original return filed u/s 44AD In the Finance Bill 2012 section 44AD has been amended retrospectively w.e.f A.Y. 2011-12 to the effec

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Posted in Others  7 comments |   30330 Views


Constitutional provisions relating to taxation

  Amit Bajaj    15 May 2012 at 15:18

Constitution is the foundation and source of powers to legislate all laws in India. Parliament, as well as State Legislatures gets the power to legislate various laws from the Constitution only and therefore every law has to be within the vires of t

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Posted in Others  3 comments |   52689 Views


Transfer of Right to use goods-deemed sale or a service

  Amit Bajaj    17 April 2012 at 11:28

Transfer of Right to use goods for cash, deferred payment or valuable consideration is considered as deemed sales under sub-clause (d) of Article 366(29A) of Constitution of India and also consequently under Punjab VAT Act and CST Act liable to VAT

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Posted in VAT  1 comments |   86334 Views


Reverse Charge Mechanism in service tax-more clarifications

  Amit Bajaj    22 March 2012 at 15:46

In the Budget-2012-13 under the new Reverse Charge Mechanism in certain services the recipient of the service has been made liable to pay tax instead of service provider. In three of services namely hiring of means of transport, construction and

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Posted in Service Tax  5 comments |   122772 Views


Lump sum scheme for payment of service tax in works contract

  Amit Bajaj    21 March 2012 at 12:21

In works contract service lump sum scheme for payment of service tax in a works contract has been introduced by amendment in Rule 2A of the Service Tax (Determination of Value) Rules, 2006 vide Notification No. 11/2012 - Service Tax dated 17-03

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Posted in Service Tax  5 comments |   35022 Views


Proposed income tax amendments in Budget 2012-13-Part-2

  Amit Bajaj    20 March 2012 at 12:12

Consideration in excess of F.M.V of shares to be treated as income from other source if consideration received is in excess of Face Value of shares: It is proposed to insert a new clause (viib) in the aforesaid sub-section so as to provide that w

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Posted in Others  2 comments |   104601 Views


Proposed amendments in Budget 2012-13 in Taxation-Part 1

  Amit Bajaj    17 March 2012 at 13:01

RATES OF INCOME-TAX after Budget 2012 presented on 16.03.2012 A. Normal Rates of tax: 1. Where the total income does not exceed Rs. 2,00,000/-. Nil 2. Where the total income exceeds Rs. 2,00,000 but does not exceed Rs. 5,00,000/- 10 per cent of the

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Posted in Others  3 comments |   44301 Views


Capital gains exemption u/s 54EC of Income tax Act, 1961

  Amit Bajaj    12 March 2012 at 11:00

Section 54EC of Income Tax Act, 1961 provides an option to save tax on capital gain arising from the transfer of long-term capital asset subject to fulfillment of certain conditions. Provisions of section 54EC are being discussed herein below for the be

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Posted in Income Tax  9 comments |   238704 Views