The best Side of 86 cash

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♦ On the other hand, once it can be founded that rule 86B applies, then the following table shall be checked to analyse regardless of whether registered man or woman falls inside exception provided Within this proviso.

discharged the liability pursuing rule 86(B) from the credit history ledger as an alternative to cash ledger. am i liable for fascination if paid out discharged by means of cash ledger afterwards

♦ Because one% payment by cash should be to be checked in “current” FY as a result, within the thirty day period of April of any economic year [staying the 1st month], this proviso will not be applicable.

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Generally speaking, Mrozek stated, several factors would direct the FBI to pursue forfeiture with the containers’ contents — including big stacks of cash held by someone using a prison file or no recognised supply of income.

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e. no must shell out 1% employing cash in recent month if registered particular person has adequate input tax credit history.

d) The registered individual has discharged his liability towards output tax by means of electronic cash ledger in excessive of one% of complete output tax legal responsibility applied cumulatively upto the reported month in The existing economic calendar year

The motto at the rear of the introduction of the rule is to regulate the issue here of fake invoices to make use of the phony input tax credit to discharge legal responsibility. Additional, it restricts fraudsters from displaying higher turnovers without having owning any economical trustworthiness.

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Ans. Only registered people who definitely have taxable provides of in excess of Rs. 50 lakhs in a particular thirty day period (issue to selected exceptions) ought to adjust to this provision.

My level is my ITC is under Rs.1 Lac, I compensated comprehensive tax payment applying ITC as better number of tax was paid out to Customs. New registration below GST, nonetheless I need to pay one% GST by means of Cash or There's any way This may be safeguarded.

Forfeiture legislation help The federal government to confiscate property tied to prison action. The typically reduced regular of evidence makes it an desirable Device for prosecutors, who in prison trials need to establish guilt further than an inexpensive question.