The 2-Minute Rule for 86 cash
The 2-Minute Rule for 86 cash
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♦ Should you be a genuine tax payer Then you can certainly utilize to your commissioner or authorised officer with
Ahead of acting upon this product, you’re recommended to hunt the recommendation of the economic, legal, tax, or professional advisors as for the threats involved could possibly be acquired and essential homework, and so forth could be completed at your finish.
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“I was not featuring for being a liaison involving you and the FBI,” Brown wrote. “My recommendation that you Collect related documents was mere typical sense. I do not know what processes the FBI will utilize to vet claims; your Concepts are pretty much as good as mine.”
So, it ensures that minimum amount 1% on the output tax liability shall be discharged in cash making use of e-cash ledger
♦ Even so, as soon as it can be proven that rule 86B applies, then the subsequent table shall be checked to analyse whether registered individual falls within exception offered With this proviso.
Ans. Only registered people who definitely have taxable provides of in excess of Rs. fifty lakhs in a specific thirty day period (matter to selected exceptions) have to adjust to this provision.
Deposits beneath any of such trade names are deposits with Environmentally friendly Dot Lender and therefore are aggregated for deposit coverage protection up into the allowable limits.
I failed to apply rule 86B in a certain month. Would there be considered a penalty, interest or reversal of ITC in subsequent thirty day period?
♦ This rest states that if the person has paid over 1% employing e-cash ledger for discharging OUTPUT TAX upto the explained month in recent money 12 months then this restriction will not likely implement i.
Which means that the registration of anyone is often cancelled if fails to comply with the mandatory deposit of one% on the output tax legal responsibility in cash wherever applicable.
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Ans: The Commissioner or any officer authorized by him are provided the facility to remove the limitations just after these kinds of verification and safeguards as he may deem in shape. This means that the real taxpayers who are unintentionally experiencing the brunt of the rule have a choice of creating an software ahead of the Department.