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rule 86B restriction not applied where Income tax paid, Goods and Services Tax - GST |
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rule 86B restriction not applied where Income tax paid |
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Friernds, The rule 86B says 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 query is : tax paid of Rs. 1 lac is to be counted for tax paid in a Financial year or tax paid for a financial year. In our case for the FY 2018-19 tax paid was Rs.85000 but in the f.y 2018-19 tax paid was more than Rs. 1 lac as self assessment tax of FY 17-18 was paid in the F.Y 2018-19 & if we count this self assessment tax then it crosses the limit of Rs. 1 lac. experts plz guide Posts / Replies Showing Replies 0 to 0 of 0 Records No Post / Reply found for this query |
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