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Regarding 86B

This query is : Resolved 

Dear Sir,

Provided that the said restriction shall not apply where –
(a) the said person or the proprietor or karta or the managing director or any of its two partners, whole-time Directors, Members of Managing Committee of Associations or Board of Trustees, as the case may be, have paid more than one lakh rupees as income tax under the Income-tax Act, 1961(43 of 1961) in each of the last two financial years for which the time limit to file return of income under subsection (1) of section 139 of the said Act has expired; or

My question is (in case of company) whose income tax would be covered either paid by company or paid by Director personal file.
Kindly guide us.
Thanking You
Prem Chandra Thankur

Any one of them. If company or director of the company (in his individual capacity) paid income tax of more than Rs.1 lakh in the last two financial years, the said provision is not applicable.

Dear Sir,
I am little bit confused about Income tax paid means income tax liability.
Director paid the income tax in a financial year 2 lacs but he get refunds by Rs.1.50 lacs then his actual liability is 0.50 lacs.
whether the rule 86B would be apply or not
Kindly guide us.

As of now, there is no clarification as I know, so we can assume that it is actual liability.

It will include Company and its directors both.

You have to consider your actual income tax liability which,in the above example, will be Rs.0.50 Lacs.

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