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TMI BlogDVAT ACT – Another BlowX X X X Extracts X X X X X X X X Extracts X X X X ..... DVAT ACT – Another Blow X X X X Extracts X X X X X X X X Extracts X X X X ..... nline (www.dvat.gov.in) details of the C/ F Form received, missing forms and tax paid in lieu of missing C Forms for the period 2009-10 and 2010-11. What is most disheartening is that the above information is to be furnished on or before 20-07-12 Para 5 of the circular states that "default assessment will be framed only to the extent of missing and unverified central declaration forms in respect ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of which due tax and interest has not been deposited by the dealers" It means if a dealer has not received forms for the year 2009-10 & 2010-11 from his customer yet, he will have to deposit the tax along with interest by 20th July'2012. Para 6 of the circular states that "in cases where no information is furnished online, it will be presumed, that no Central Declaration Forms have been submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d ………. and such cases will be assessed on priority basis" For future, it may be treated as a positive step from the DVAT department, as it will be convenient to file DVAT-51 online. However, it has also created undue pressures who have not received the C/F form for the year 2009-10 and 2010-11 yet. Such persons have been left with no choice. Either they will have to arrange t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he forms from their buyer before the very near deadline or they would have to deposit the differential tax to avoid penalty etc. Last 2 lines of Para 7 of the circular is worth noting to understand the upcoming impact of this circular: "kindly file the requisite information online, positively by 20th July' 2012, so as to avoid inconvenience, adverse assessment and Penalty at a later date". The d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... epartment does not seems to provide any further extension to submit the C Forms and they have cleared themselves by closing the circular by the following line: "The Said link would be disabled after 20th July' 2012"
Source: rahuljainca.blogspot.com X X X X Extracts X X X X X X X X Extracts X X X X
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