Respected Sirs,
Whether Cash Paid for RCM will be counted in 1% cash required to be paid under rule 86b.
For Example: I need to pay 10,000/- under Rule 86B and I am paying 9000/- under RCM.
Then what amount i need to pay under Rule 86B, Rs. 1000/- or 10,000/- ??
In the above example, the RCM paid in cash of Rs. 9000/- can be used as ITC for the output tax of Rs. 10000/-. As per the Rule 86B, Rs. 100/- will atleast need to be paid in cash against the output tax of Rs. 10000/-
O P Bagla & Co LLP
New Delhi
CA Inter
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Aggarwal Sarawagi and Co
New Delhi
CA
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CAclubindia
