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: cpt :: TDS :: empanelment :: VAT RATES :: VAT Audit :: list of goods taxed at 4% :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: articles on VAT and GST in India :: ACCOUNTING STANDARD :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: Central Excise rule to resale the machines to a new company :: form 3cd
 
 
« General »
 What the increase in tax collections does not tell us about Indian economy post demonetisation
 India’s crazy retrospective tax on foreign funds will tarnish country’s reputation
 How tax related, PAN grievances can be resolved through E-Nivaran
 Tackling income tax exemptions for equities and agriculture
 Amfi wants tax benefits for retirement plans
 Top five factors which could chart market direction in the coming week
 Tax rate hikes boost shadow economy
 Tax mop-up may decline in new amnesty scheme
 Weeks before Budget, Finance Minister Arun Jaitley lists out benefit of low tax rates
 Second home loan tax benefits
 Alarm bells over return of tax inspector raj

Punjab plans to levy lumpsum tax on marriage palaces
September, 04th 2013

After tightening noose around tax evading sectors, including yarn and plywood, Punjab Excise and Taxation Department has now plans to mobilise more revenue from marriage palaces by charging them lumpsum tax.

"We are working out on a proposal for levying lumpsum tax on marriage palaces as we have observed heavy evasion of tax by some of these palaces by understating their income," a senior official of the Department said here.

With the levy of lumpsum tax, the Department expects its revenue from marriage palaces to shoot up from Rs 40 crore last fiscal to Rs 100 crore per annum.

"Our intention is that the revenue from marriage palaces should touch at least Rs 100 crore mark," official said.

Under this proposal, the department will be creating different slabs of rent starting from Rs 25,000 in order to calculate tax on the palaces.

After preparing the proposal, the department will send it to Punjab Deputy Chief Minister Sukhbir Singh Badal who also holds excise and taxation portfoilo for approval.

The Department had even conducted sting operations by sending decoy customers to a few marriage palaces to know actual price being charged from customers for holding marriage functions.

"During sting operations, it was found marriage palaces were in the habit of underbilling in order to lessen tax burden," official informed, adding that there was difference between the price they charged and the price they recorded on the bill.

There are around 1,460 marriage palaces in Punjab and currently, they are paying luxury tax, Value Added Tax and excise on liquor to the excise and taxation department.

Punjab government has already been facing facing stiff opposition from trade and industry for implementing E-Trip system on six commodities including cotton, mustard, plywood, iron & steel (excluding scrap), yarn and vegetable oil (edible and non-edible) under E-Trip to check evasion.

The Department expects to mobilise Rs 200-250 crore an additional revenue with the implementation of E-Trip system.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Content Management System developers CMS developers Content Management Solutions CMS Solutions CMS India Content Management System India CMS development India Website CMS Website Content Management India Portal CMS India CMS Outsourcing CMS Vendor Complete CMS Custom CMS Services

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