About 86 cash
About 86 cash
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♦ For anyone who is a real tax payer then you can utilize to your commissioner or authorised officer with
e. no ought to fork out one% using cash in present thirty day period if registered individual has adequate input tax credit rating.
TLA is looked after at the housing Place of work. If saying TLA from a previous overseas responsibility location, it should be looked after at that responsibility station instead of Ramstein
The motto at the rear of the introduction of this rule is to control The difficulty of faux invoices to make use of the pretend enter tax credit history to discharge liability. More, it restricts fraudsters from showing high turnovers with out acquiring any economic credibility.
Following observing the safeguards, it may exempt the suitable taxpayers from next this provision. Hence it's recommended that genuine taxpayers that are troubled by this new rule should cautiously draft their representation towards the Division so as to circumvent the restriction of constructing 1% tax payment by cash.
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Ans. Only registered folks who have taxable provides of over Rs. fifty lakhs in a specific thirty day period (topic to certain exceptions) must adjust to this provision.
♦ Also, This materials relies on present public info that we consider trusted. Any modify in recent general public information may well alter the views expressed Within this product.
Ans. You will discover a lot of entities throughout India which have interaction in faux invoicing i.e. challenge of invoices with out genuine offer of get more info products and / or solutions. These entities have a tendency only to receive credit history and move on credit score to other entities without the need of earning any payment of taxes in cash.
Ans. The limit of Rs. One particular lakh will likely be calculated for inverted duty composition and zero rated provides individually. Therefore, the limit to the exports and materials to SEZ developer or unit will likely be clubbed to find out Rs. 1 lakh but that of the inverted duty composition would be separate.
fifteen. What if you are a minimal teenager dad or mum or pregnant teen as well as your parent's home will not be Risk-free for you personally or There's A few other motive You can't Reside there?
Homes inside a DST cannot get replaced with other Houses. This means that a person residence cannot be marketed to ensure that Yet another may be obtained.
Conversely, When the turnover is under Rs. six crores in a very financial yr though the taxable supplies for almost any thirty day period exceeds Rs. fifty lakhs, then Rule 86B stands captivated.
Ruling 2004-86 also categorized DSTs as an investment decision have confidence in as opposed to a business entity for federal money tax applications. The subsequent are some restrictions for this classification to carry.