Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
Popular Search: VAT Audit :: due date for vat payment :: cpt :: ACCOUNTING STANDARDS :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: empanelment :: list of goods taxed at 4% :: VAT RATES :: articles on VAT and GST in India :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: Central Excise rule to resale the machines to a new company :: form 3cd
« News Headlines »
 ICAI to organise two-day international conference in Hyderabad
 Here's how to calculate tax payable on your capital gains
 Income Tax calculations for the financial year 2016-17
 CPE Events 17 October - 22 October 2016
 High Court raps I-T Department for wrong tax demand
  CBDT signs 5 advance pricing pacts with Indian taxpayers
 Finance ministry warns tax officials of action against GST protest
 Big changes for small units under GST
 Parliament’s winter session to begin on November 16 to expedite GST rollout
 Income-tax (27th Amendment) Rules, 2016 - 92/2016
 Announcement - Clarifications in Respect of MEF 2016-17

March, 01st 2014

                         PUBLIC NOTICE


You are required to have a principal place of business in Delhi
and intimate any change in its address to the Commissioner
within 30 days of such change.

As per the section 48 and Rules 42 & 19 of Delhi VAT Act & Rules,
you are also required to maintain and retain prescribed
records at the declared principal place of business in Delhi
for 7 years. The record may be in the form of soft/hard copy but
should be readily available on demand and be able to explain
all business transactions. Further, in case of multi-state operations,
all books of accounts should be separately maintained in
relation to business operations in Delhi.

However, it has come to notice that many dealers shift their place
of business to outside Delhi and even if they have an office in
Delhi, the records are shifted to outside Delhi. The records are also
not readily available and dealers seek time to produce prescribed

Such actions on the part of dealers are gross violation of the
provision of DVAT Act and Rules, and raise suspicion about extent
of their business activities and veracity of records produced later.
The following actions can be taken against defaulting dealers:

(i) Penalty of sum of  50,000 or 20% of tax deficiency,
     whichever is greater, can be levied (Section 86).
(ii) Registration of dealer is liable to be cancelled (Section 22).
(iii) Dealers may lose the right to issue tax invoices against which
      input tax credit (ITC) can be claimed by purchasing dealers
      (Section 50).
(iv) Dealers would lose right to avail ITC on their purchases
      (Section 9).
(v) In hands of contractees, dealers will become liable for TDS
      deduction @ 6% on work contract activities (Section 36A).
(vi) Criminal prosecution leading to rigorous imprisonment up to
      six months and fine can be imposed (Section 89).

All the dealers are, therefore, directed to abide by the provisions of
Delhi VAT Act & Rules and maintain and retain sufficient records,
as prescribed, and for prescribed period at the designated principal
place of business in Delhi.
Please note that surprise checks are being conducted by the Department and these shall be further intensified from next month.
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - About Us

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions