The Basic Principles Of 86 cash
The Basic Principles Of 86 cash
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Should the registered individual underneath issue has been given a refund of sum increased than Rs.1 lakh from the previous financial 12 months on account of export underneath LUT or as a result of inverted tax construction.
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Ans. The worth of all zero-rated supplies such as exports and provides to SEZ will likely be excluded for calculating the Restrict of Rs. 50 lakhs.
Nevertheless it may look like Rule 86B will be to seriously dampen the benefit of undertaking enterprise, the intent driving the notification of the claimed provision should not be obscured. It really is to capture keep of persons issuing fake invoices and so are ‘fly by night time’ operators.
A magistrate licensed the FBI’s seizure of The shop’s “organization equipment” for just a medications and money laundering investigation, but barred queries in the containers’ contents.
Federal agents say the use of rubber bands along with other regular ways of storing cash were being indications of drug trafficking or money laundering.
Ans: The Commissioner or any officer authorized by him happen to be offered the facility to remove the limits soon after this kind of verification and safeguards as he may perhaps deem healthy. Consequently the real taxpayers who will be unintentionally dealing with the brunt of the rule have an option of constructing an application prior to the Department.
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♦ However, when it can be founded that rule 86B applies, then the subsequent desk shall be checked to analyse whether registered individual falls in exception supplied With this proviso.
Ans. A person would not really need to cumulatively work out the taxable provides by merging values of the earlier thirty day period. A person ought to only find the taxable materials of the present month to ascertain if it exceeds Rs. fifty lakhs. If Indeed, 1 must adjust to this provision.
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