The PUNJAB FORWARD CONTRACTS ACT, 1951
chandigarh · 1951
The scanned source for this Act is imperfect — headings or section boundaries may be off. Verify against the official source.
- S. 1(J) This Act may be called the Punjab Forward Contracts Tax Act, 1951
- S. 2Section 2 defines key terms used in the Punjab Forward Contracts Act, 1951, including "assessing authority," "Commissioner," and "forward contract."
- S. 3(/) For carrying out the purposes of this Act, the T@*ing authorities
- S. 4Section imposes an annual tax on dealers' forward contracts business at rates set by the government.
- S. 5Every dealer shall be liable to pay the tax under inti this Act as long as he continues his business in forward ; co
- S. 6Section 6 mandates that dealers must register and obtain a certificate to legally conduct forward contracts business.
- S. 7Section 7 outlines the procedure for tax payment and return submission for registered dealers under the Punjab Forward Contracts Act, 1951.
- S. 8Section 8 mandates the assessing authority to assess and demand tax and penalties from dealers who fail to provide returns or register, within two years.
- S. 9Refunds
- S. 10Section 10 mandates dealers to maintain accurate accounts for forward contracts and comply with tax notices.
- S. 11The section allows the assessing authority to inspect and request information from dealers for compliance with the Act.
- S. 12Section 12 allows the Commissioner to delegate powers to a designated person and mandates dealers to inform the authority of business changes.
- S. 14W hen the Ownershi i i ed fe
- S. 15Section 15 prevents legal challenges to assessments and orders made under the Act in civil courts.
- S. 16(/) Within 30 days from the receipt of a notice Appeal
- S. 17(J) The Commissioner may, of his own motion Revision
- S. 18Section 18 penalizes various violations by dealers in forward contracts, including non-compliance with registration, reporting, and record-keeping requirements.
- S. 19Section 19 allows the Commissioner to accept a composition fee for certain offences, resulting in the accused's discharge.
- S. 20Section 20 of the Punjab Forward Contracts Act, 1951, prohibits government officers from disclosing confidential information and allows the government to make rules for the act's implementation.
- S. 21Section 21 ensures confidentiality of records and statements made under the Punjab Forward Contracts Act, 1951, barring criminal court proceedings.
- S. 22Power to make rules
- S. 872—
- S. 1860—
- S. 19511956, were comprised in the State of Patiala and East Punjab States Union by Punjab Act No