Articles by Amit Bajaj

F forms under CST Act 1956

Amit Bajaj 07 December 2010 at 14:33

To constitute interstate sales, one of the basic requirement is that there should be sale. If a person sends goods outside from its state to its branch office in another state then it is not sale because you cannot sell goods to yourself. Similarly

Whether higher stock declared to bank attracts Section 69?

Amit Bajaj 01 December 2010 at 11:17

WHETHER HIGHER STOCK THAN ACTUAL DECLARED TO BANK ATTRACTS ADDITIONS U/S 69 OF INCOME TAX ACT 1961 Section 69 of Income Tax Act deals with the cases of unexplained investments which have been made by the assessee but not accounted for in his books o

Some views on Security for Registration under Punjab VAT Act

Amit Bajaj 15 November 2010 at 11:43

For registration under the Punjab VAT Act 2005 one of the requirement u/s 25(1) is furnishing of security for securing the payment of tax under PVAT Act 2005. This requirement is compulsory as per the wording of section 25(1) of PVAT Act 2005 which

Scrutiny assessments under Income Tax Act 1961

Amit Bajaj 04 October 2010 at 11:01

The Scrutiny Assessments under Income Tax Act 1961 are made u/s 143(3). For many years now many of the returns of the assesses are accepted as they are being filed by the assesses and intimation is sent u/s 143(1) and only fewer cases are selected fo

No penalty if audit report obtained but return filed after due date

Amit Bajaj 29 September 2010 at 11:11

No penalty u/s 271B, If the audit report is obtained within the due date, but return is filed after the due date. I have had a discussion lately on the topic whether penalty u/s 271B is imposable in case the audit report u/s 44AB is obtained within t

Some Issues Pertaining To C Forms Under CST ACT 1956

Amit Bajaj 14 September 2010 at 12:39

SOME ISSUES PERTAINING TO C FORMS UNDER CST ACT 1956 Under CST Act 1956 there are lot of Forms and declarations which help in saving CST on the interstate transactions. C form is an important and foremost common among dealers registered under CST Act

Development of IT infrastructure must before GST

Amit Bajaj 25 August 2010 at 11:50

Goods and Service tax (GST) is the most talked about topic in the field of indirect taxation today in India. Everybody is keenly waiting for the proposed GST draft which will replace the existing system of VAT in India. The central government wants t

Understanding the provisions relating to Transfer Pricing

Amit Bajaj 25 August 2010 at 11:47

With the advent of MNCs(Multi National Concerns) a trend has also been adopted by the MNCs to structure their investments and business strategy in such a way that profits are maximized in such jurisdictions where tax rates are low, which give rise to

Procedural Provision relating to TDS

Amit Bajaj 18 August 2010 at 11:53

T.D.S means the Tax deducted at source. Whenever a person liable to deduct tax of another person under Income Tax Act, deducts tax, the credit of such tax is given to the deductee when his liability to pay income tax is calculated. Such credit is giv

Presumptive income schemes for small Assessees

Amit Bajaj 17 August 2010 at 11:08

There are many presumptive income schemes for small businessmen engaged in civil construction, transport business, retailers etc. A person covered under these schemes can declare his income under these sections on presumptive basis and can get himsel