Not give 1per in cash
This query is : Resolved
26 August 2023
Sir,
By mistakenly i have taken Full ITC in 3B as my total sales is more than 70lac ,i have made same mistake in june and july month.
As per 86B i can claim 99per ITC and 1per in cash .
now how can i rectify the same please advice.
By mistakenly i have taken Full ITC in 3B as my total sales is more than 70lac ,i have made same mistake in june and july month.
As per 86B i can claim 99per ITC and 1per in cash .
now how can i rectify the same please advice.
27 August 2023
Is there any legal way out for a genuine taxpayer to be excused from the mandatory 1% cash payment?
Ans: The Commissioner or any officer authorized by him have been given the power to remove the restrictions after such verification and safeguards as he may deem fit. This means that the genuine taxpayers who are unintentionally facing the brunt of this rule have an option of making an application before the Department. After observing the safeguards, it can exempt the relevant taxpayers from following this provision. Hence it is suggested that genuine taxpayers who are troubled by this new rule should carefully draft their representation to the Department in order to circumvent the restriction of making 1% tax payment through cash.
Write to the Commissioner for excuse and pay 1% from next filing.
Ans: The Commissioner or any officer authorized by him have been given the power to remove the restrictions after such verification and safeguards as he may deem fit. This means that the genuine taxpayers who are unintentionally facing the brunt of this rule have an option of making an application before the Department. After observing the safeguards, it can exempt the relevant taxpayers from following this provision. Hence it is suggested that genuine taxpayers who are troubled by this new rule should carefully draft their representation to the Department in order to circumvent the restriction of making 1% tax payment through cash.
Write to the Commissioner for excuse and pay 1% from next filing.
27 August 2023
Sir,
what if i paid 1per cash in drc 03.
what if i paid 1per cash in drc 03.
27 August 2023
DRC 03 will be an additional payment, I think so. Can you adjust it in future payments.
In geniune case start 1% from next month return.
In geniune case start 1% from next month return.
Message likes :
1 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Refund Annexure-B
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- GST Reverse
- Clarification regarding Import E-way bill transaction type // Regular or Bill from Dispatch From
- Sale of Equity shares for Purchase of Residential Property
- Liable to deduct tds and 44ADA
- RCM and FCM
- Is Interest applicable for payment made through credit ledger vide DRC03 for FY 2020-21 & 2021-22
- Director payment
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS PROCEDURE ON SALE OF IMMOVABLE PROPERTY BY NRI
- Refund of 20%pre-deposit paid for stay application
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
