Q.10 Under the exception, whether the Restrict is refund obtained in the year or refund belonging on the year?
Hypothetical illustration(s) are for illustrative uses only and therefore are not intended to represent the earlier or potential performance of any distinct financial commitment.
♦ RCM legal responsibility discharged working with cash in present financial calendar year shall not be taken into account for computing “much more than 1% of overall output tax legal responsibility upto the mentioned month has actually been discharged in cash”.
Ans. You will find a lot of entities around India which have interaction in pretend invoicing i.e. issue of invoices with no precise provide of products and / or expert services. These entities have a bent only to obtain credit and move on credit score to other entities with out earning any payment of taxes in cash.
Ans. The Restrict of one% is to the output tax legal responsibility only. Reverse charge payments cannot be regarded as payment of output taxes. Therefore, the limit of one% will exclude the percentage of taxes that has been paid out beneath reverse demand.
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“The government’s principle is that possessing cash will make you a presumptive felony, and I feel every American really should be worried about that,” claimed Johnson, a senior lawyer at the libertarian Institute for Justice in Virginia.
While in the defunct Ruiz forfeiture scenario, the FBI laid out inside a court docket assertion The federal government’s “probable cause” to feel that his $57,000 arrived from drug trafficking.
TLA is looked after with the housing Business office. If professing TLA from a preceding abroad responsibility site, it need to be looked after at that obligation station and not Ramstein
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The constitution also guaranteed states with the ideal to secede in the Union following a period of 10 years. (The Panglong Arrangement gave only the Shan and also the Kachin a condition Just about every; the Chin who basically signed the settlement didn't get a state.) The Karen Countrywide Union (KNU), which dominated the Karen leadership, was not satisfied, and preferred outright independence. In 1949, the KNU lifted a rebellion that carries on as much as today.[five] The KNU celebrates January 31 as 'revolution working day', marking the day they went underground at the struggle of Insein.
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Nicely stated all problems, Sir, could you remember to clarify that irrespective of whether if 1% ITC paid out in cash for the month of January could well be regarded for subsequent months while checking the exception proviso to this Rule?