The best Side of 86 cash
The best Side of 86 cash
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Rule 86B has undergone significant criticism from different stakeholders ever Considering that the exact same is notified by the Government. It places a restriction on the quantity which may be utilized through the electronic credit ledger though generating the payment of output taxes.
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On the other hand, the ITC offered in the Digital credit ledger could normally be totally utilised for discharging the output tax liability. The brand new Rule 86B has restricted the usage of ITC balance for paying its output tax liability.
♦ This relaxation states that if the individual has paid out in excess of one% making use of e-cash ledger for discharging OUTPUT TAX upto the explained thirty day period in current fiscal calendar year then this restriction is not going to implement i.
♦ If you're a real tax payer then you can implement to the commissioner or authorised officer with
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The federal government’s intent all alongside, their legal professionals say, was to search every box — in defiance from the Justice of the peace’s warrants — for evidence towards The purchasers.
She advised the Justice of the peace that agents would “inspect the assets as necessary to recognize the owner and preserve the home for safekeeping.” Underneath FBI plan, she wrote, the inspection “must increase no more than essential to find out ownership.”
Ans. The Restrict of 1% is within the output tax legal responsibility only. Reverse charge payments can't be considered as payment of output taxes. Thereby, the limit of one% will exclude the percentage of taxes which has been paid below reverse charge.
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Ans. It mandates cash payment of 1% of your output tax liability over a month to month basis for your registered persons that are covered by this rule. This payment of liability in cash could well be necessary no matter The actual fact that there is an existing harmony inside the Digital credit history ledger.
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