Articles by Amit Bajaj

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

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

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

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

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

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

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

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

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

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