Punjab imposes Profession Tax on those having Business or Salary Income

Punjab Government imposes profession tax of Rs. 200 Per Month on All such persons who are assessable under the Head Income from Salaries and/ or Wages as per the Income Tax Act, 1961 and All such persons who are assessable under the Head Income from Business and/ or Profession as per the Income Tax Act, 1961. PUNJAB GOVT. GAZ. (EXTRA), APRIL 19, 2018 (CHTR 29, 1940 SAKA) PART I  GOVERNMENT OF PUNJAB DEPARTMENT OF LEGAL AND LEGISLATIVE AFFAIRS, PUNJAB NOTIFICATION The 19th April, 2018 No.12-LegJ2018.-The following Act of the Legislature of the State of Punjab received the assent of the Governor of Punjab on the 16th day of April, 2018, is hereby published for general information:- THE PUNJAB STATE DEVELOPMENT TAX ACT, 2018. (Punjab Act No.11 of 2018) AN  ACT

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Demonetisation will widen tax base: Finance Ministry to Par panel 

  Demonetisation will lead to a wider tax base and lower interest rates, thus paving the way for “sustainable faster economic growth”, the Finance Ministry has said. In a written response to the Parliament’s Public Accounts Committee (PAC), the Revenue Department said that due to withdrawal of old high-value notes, the idle/hidden cash has come into the formal system which will be utilised for productive purposes. “Targeted verification of suspect substantial deposits is likely to widen and deepen the tax base,” it said. It is easier to track the cash which has returned to banking channels, thus making tax evasion “more difficult”, it added. Further, increased availability of funds with banks and “lowering of interest rates” are expected to enhance credit disbursal, promoting investments in productive economic activities and giving

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Law on taxing indirect transfer of shares likely to be amended 

Days after issuing a clarification on taxing indirect transfer of shares which sparked concerns among foreign investors, the government may be looking at amending the regulation, two persons in the know told. “The government has received representations from many foreign investors. The government could take a relook at amending the law around taxing indirect transfer of shares,” a senior tax official close to the development said. Many foreign portfolio investors (FPIs), their custodians, private equity and venture capital funds reached out to Central Board of Direct Taxes (CBDT) and market regulator SEBI with their concerns. “I have myself read one of the representations and while it may be too early to say what the amendment could be, the government can amend the regulations,” he added. Many industry trackers expect the

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CBDT identifies 67.54 lakh income tax non-filers for FY15 

  The Income Tax Department has identified an additional 67.54 lakh potential non-filers who carried out high value transactions in 2014-15 but did not file return of income. The Non-Filers Monitoring System (NMS) was initiated by CBDT, the policy making body of I-T Department, for identification of non-filers with potential tax liabilities. “The Income Tax Department has conducted the fifth cycle of data matching which has identified an additional 67.54 lakh potential non-filers who have carried out high value transactions in the financial year 2014-15 but did not file return of income for the relevant assessment year i.e. AY 2015-16,” CBDT said in a statement. Non-filers have been identified based on data analytics carried out by the Systems Directorate of Central Board of Direct Taxes (CBDT) about whom specific information

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Use old notes to pay taxes, penalty under IDS: Modi govt 

The Income Tax department today said now-defunct Rs 500 and Rs 1,000 notes can be used till December 30 for paying tax on disclosures made under the tax evasion amnesty scheme. The government has come out with Taxation and Investment Regime for Pradhan Mantri Garib Kalyan Yojana (PMGKY), 2016, under which those with unaccounted cash were offered a chance to come clean by paying 50 per cent of it as tax, penalty and surcharge, while parking an additional 25 per cent in a non-interest bearing deposit for four years. “It is stated that up to December 30, 2016, the payment towards tax, surcharge, penalty and deposit under the PMGKY can be made in old bank notes of rupees 500 and rupees 1000 denomination issued by the RBI,” a finance ministry

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FM Jaitley hints at low tax rates due to demonetisation, digi-payments 

  Finance Minister Arun Jaitley today hinted at lower direct and indirect tax rates in the future as demonetisation results in higher tax revenues from unaccounted wealth coming into system. He also warned of a “very heavy price” that unscrupulous elements will have to pay for amassing large amounts of cash unlawfully, saying agencies are keeping a close eye on cash accumulations. The November 8 announcement by government to demonetise high value notes has in one stroke junked 86 per cent of the currency in circulation and holders of the discontinued notes can deposit them in banks before the end of the year and withdraw money in new currency. The money being deposited has to be accounted for and taxes paid – 50 per cent on voluntary disclosures of unaccounted

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Need clear tax laws to prevent black money creation: NITI Chief

Terming taxation laws in the country as “ill-defined”, NITI Aayog Vice-Chairman Arvind Panagariya today called for removing ambiguities in them so as to do away with “discretion of the tax officer”. He also said that demonetisation of high value currency is just one step to combat black money, and more needs to be done. “Tax reform is really important to curb black money,” he said at a panel discussion here. “More simplification means reduction and presumably elimination of the many exemptions under the existing laws. Also, we need to spell out many of these rules and laws explicitly. In our case the tax laws are often ill-defined. That of course leads to scope for discretions,” he added. He said tax reforms like reduction in stamp duty are necessary to stop

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Present Income tax regulations for Gold Holding: An analysis with Case Laws

  There is much speculation that government will seize excess gold holdings by an individual. But the government has clearly said that there is no such intention to do so. But what is the current Income Tax regulation regarding gold holdings? Here’s the answer. Notification: No. 347(E), dated 20-5-1978 says: Section(s) Referred: 132 ,132(11) Statute: INCOME TAX Date of Issue: 20/5/1978 In exercise of the powers conferred by sub-section (11) of section 132 of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby notifies every Commissioner, for the purpose of passing orders on applications against any order made under sub-section (5) of the said section by an Inspecting Assistant Commissioner, empowered under sections 125 and 125A of the said Act, in respect of any person within the jurisdiction of the said Commissioner. [No. 2303/F. No.

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Alternative Tax Compliance Scheme 2016 for Contractors in Haryana

  HARYANA GOVERNMENT EXCISE AND TAXATION DEPARTMENT NOTIFICATION The 12th September, 2016 No 19/ST-1/ H.A. 6/2003/S.59A/2016. Whereas, it is expedient for the recovery of tax, interest, penalty or other dues under the Haryana Value Added Tax Act, 2003 (6 of 2003), therefore, in exercise of the powers conferred by section 59A of the said Act, the Governor of Haryana hereby provides for an Amnesty Scheme namely, the Haryana Alternative Tax Compliance Scheme for Contractors, 2016, for the recovery of tax, interest, penalty or other dues payable under the said Act, for the period upto the 31st March, 2014, from such contractors and for such business as provided in the Scheme, subject to the conditions and restrictions as specified hereunder:- 1. Short title and application (1) This Scheme may be called the Haryana

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Notification u/s 41(5) of MVAT Act-Taxation of Liquor

  FINANCE DEPARTMENT Hutatma Rajguru Chowk, Madam Cama Marg, Mantralaya, Mumbai 400 032, dated the 6th September 2016 NOTIFICATION MAHARASHTRA VALUE ADDED TAX ACT, 2002. No. VAT. 1516/CR-99/Taxation-1.—In exercise of the powers conferred by sub-section (5) of section 41 of the Maharashtra Value Added Tax Act, 2002 (Mah. IX of 2005), the Government of Maharashtra hereby, with effect from the 6th September 2016, amends the Government Notification, Finance Department, No. VAT. 1511/C.R.57/Taxation-1, dated the 30th April 2011, as follows, namely :— In the said notification,— 1. In SCHEDULE I, appended to the said notification,— (i)    In entry at serial No. 1, in column (5), after condition (ii), the following condition shall be added, namely :‑ “(iii) The claimant dealer shall incorporate a Certificate ‘A’ appended to this notification as a declaration

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