A single lakh as money tax. This total ought to have been paid out in Just about every of the two previous economical a long time for which the deadline to file return of revenue below subsection segment 139(one) from the explained Act has expired.

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Federal agents say the usage of rubber bands and other standard ways of storing cash were indications of drug trafficking or funds laundering.

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A video monitor capture taken from U.S. District Court docket paperwork show federal brokers executing search and seizure warrants in late March within the U.S. Personal Vaults store in Beverly Hills.

This rule is notified so that you can discourage these entities from issuing these kinds of bogus invoices which leads to evasion of tax profits and looting of the government treasury. Thus, This could aid to control fraudsters who situation faux invoices, present high turnovers but don't have any money trustworthiness and flee after misusing ITC with out payment of taxes in cash.

discharged the liability following rule 86(B) throughout the credit score ledger as opposed to cash ledger. am i answerable for curiosity if compensated discharged by means of cash ledger later on

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Ans. There are various entities all over India which engage in faux invoicing i.e. situation of invoices without the need of genuine source of products and / or products and services. These entities have an inclination only to get credit rating and go on credit rating to other entities without the need of creating any payment of taxes in cash.

It is one of 11 suits filed by box holders that search for the return in their assets and court orders declaring the seizures unconstitutional.

Nicely described all troubles, Sir, could you remember to make clear that no matter if if one% ITC paid out in cash more info for your month of January would be considered for subsequent months while examining the exception proviso to this Rule?

Drug-sniffing canines at the store during the raid alerted to traces of medicine on a lot of the dollars found in containers, FBI agent Justin Palmerton claimed inside a courtroom assertion. The bins containing that cash are topic to legal investigation, he mentioned.

Thom Mrozek, a spokesman for your U.S. lawyer’s Business, named Pet dog alerts on cash “sturdy evidence” of drug crimes but said they ended up “not the only real variable contributing to possible bring about.”

♦ However, once it is actually recognized that rule 86B applies, then the next desk shall be checked to analyse irrespective of whether registered man or woman falls in exception provided Within this proviso.