Q.nine When meaning to point out that refund inside the previous economical 12 months needs to be more than one lakh, would the limit be calculated for all refunds taken alongside one another?
♦ Provision begins with non-obstante clause :- meaning which the provision specified in this rule will prevail
Drug-sniffing canines at The shop during the raid alerted to traces of medications on almost all of the income located in boxes, FBI agent Justin Palmerton claimed in a court assertion. The containers that contains that cash are issue to criminal investigation, he explained.
If the registered particular person underneath issue has discharged his liability in direction of output tax by Digital cash ledger for an amount of money in excess of 1% cumulatively of the full output tax legal responsibility up to the mentioned month in The present economical year.
On the flip side, If your turnover is fewer than Rs. 6 crores within a money calendar year but the taxable provides for any month exceeds Rs. 50 lakhs, then Rule 86B stands attracted.
However the FBI is now wanting to confiscate $86 million in cash and many bucks additional in jewellery along with other valuables that agents present in 369 in the bins.
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If the registered man or woman below issue has obtained a refund of amount of money increased than Rs.1 lakh while in the previous economic calendar year on account of export beneath LUT or due to inverted tax construction.
“I was not providing to become a liaison in between you as well as the FBI,” Brown wrote. “My suggestion that you simply Obtain pertinent information was mere typical perception. I don't know what strategies the FBI will make use of to vet statements; your Tips are as good as mine.”
Having reported this, it might be argued in this kind of circumstance, there was no avoidance of any tax liability. As a result, there is absolutely no amount payable to the government. Therefore, there can't be any dilemma of any tax legal responsibility or interest or penalty payable within more info the contravention of the provision.
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Very well stated all issues, Sir, could you please clarify that whether or not if 1% ITC paid in cash for the thirty day period of January would be considered for subsequent months while examining the exception proviso to this Rule?
Thus if in almost any thirty day period, the Restrict of Rs. fifty lakhs is not crossed however the turnover is over Rs. 6 crores within a economic yr, Rule 86B will not have to be complied with.