The Basic Principles Of 86 cash
The Basic Principles Of 86 cash
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Which means the registration of someone might be cancelled if fails to comply with the obligatory deposit of 1% with the output tax liability in cash wherever relevant.
In the event the registered human being under concern has obtained a refund of amount higher than Rs.one lakh from the preceding economical year on account of export beneath LUT or resulting from inverted tax composition.
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Q.nine When intending to condition that refund within the preceding economic yr should be more than one lakh, would the Restrict be calculated for all refunds taken together?
Thus if in almost any thirty day period, the Restrict of Rs. fifty lakhs is not really crossed although the turnover is more than Rs. 6 crores inside a monetary year, Rule 86B isn't going to must be complied with.
He also stated the government had “overstepped its bounds” in its look for, seizure and tried confiscation of the customers’ income and assets.
The situation that agents developed in opposition to the company appeared to offer enough grounds to get a court to authorize seizure of the corporation’s pcs, stability cameras and also other business devices — including the numerous Risk-free deposit bins lining its partitions.
Ans. It mandates cash payment of 1% in the output tax liability with a month-to-month basis for that registered folks that are lined by this rule. This payment of legal responsibility in cash can be necessary irrespective of the fact that there's an present harmony inside the Digital credit rating ledger.
U.S. Private Vaults was indicted in February on costs of conspiring with unnamed prospects to offer prescription drugs, launder dollars and structure cash transactions to dodge federal government detection. No men and women had been charged.
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Well explained all troubles, Sir, could you be sure to explain that regardless of whether if one% ITC compensated in cash for the month of January can be deemed for subsequent months though checking the exception proviso to this Rule?
The FBI was wrong. When Ruiz made records demonstrating the supply of his money was genuine, the government dropped its Untrue accusation and returned his revenue.