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TMI BlogRule 86B of CGST RulesX X X X Extracts X X X X X X X X Extracts X X X X ..... Rule 86B of CGST Rules X X X X Extracts X X X X X X X X Extracts X X X X ..... e for a company which is newly formed only in this financial year but had turnover in a month more than ₹ 50 Lacs but income tax paid is less than ₹ 1 Lac? Reply By Ganeshan Kalyani: The Reply: Sir, in my view, you may refer clause (d) of said rule 86B. Reply By Rajagopalan Ranganathan: The Reply: Sir, As per the proviso to rule 86B the said restriction shall not apply where - (a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 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 the return of income under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... subsection (1) of section 139 of the said Act has expired;
Since the company is newly formed it would not have paid any income tax during the previous two years. Therefore if the income tax paid is less than 1 lakh the restriction prescribed is applicable
Reply By Shilpi Jain:
The Reply:
Also the rule applies only if the taxable value in a month is more than rs. 50 lakhs X X X X Extracts X X X X X X X X Extracts X X X X ..... Knowledge Sharing ..... X X X X Extracts X X X X X X X X Extracts X X X X
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