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Section 80E shall be omitted. By Law amendment Ordinance dated 24th May 2000. following paara Omitted.
"(1) Notwithstanding anything contained in the Ordinance,
where a person being an individual, unregistered firm, association of persons, Hindu
undivided family is liable to "turnover tax" in accordance with section 3A of
Sales Tax Act, 1990, he may, for the assessment year commencing on or after 1st day of
July, 2000, opt for payment of tax, in accordance with the provisions of this section, on
his income to which such turnover relates.
(2) For the purposes of this section, the turnover on which sales tax is payable under the
Sales Tax Act, 1990, shall be deemed to be the income of such person and tax equal to one
per cent of turnover shall be payable along with the sales tax returns.
(3) The tax paid under this section shall, to the extent that the income of a person is
chargeable to tax under this section, be deemed to be the final discharge of his tax
liability under this Ordinance, and he shall not be required to tile the return of total
income under section 55 not shall be entitled to claim any refund or adjustment:
Provided that where the tax so paid is less than the tax payable on the last assessed
income under the Ordinance; the tax so paid shall not constitute full and final discharge
of the tax liability of the assessee, and he shall be required to pay the amount
representating the difference between the tax payable under this section and the tax so
paid and all the provisions of this Ordinance shall apply accordingly;"
The above clause shall be inserted by Finance Act 1999, dated 30th June 1999.
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