By mistakenly i have taken Full ITC in 3B as my total sales is more than 70lac ,i have made same mistake in june and july month. As per 86B i can claim 99per ITC and 1per in cash .
27 August 2023
Is there any legal way out for a genuine taxpayer to be excused from the mandatory 1% cash payment? Ans: The Commissioner or any officer authorized by him have been given the power to remove the restrictions after such verification and safeguards as he may deem fit. This means that the genuine taxpayers who are unintentionally facing the brunt of this rule have an option of making an application before the Department. After observing the safeguards, it can exempt the relevant taxpayers from following this provision. Hence it is suggested that genuine taxpayers who are troubled by this new rule should carefully draft their representation to the Department in order to circumvent the restriction of making 1% tax payment through cash.
Write to the Commissioner for excuse and pay 1% from next filing.
27 August 2023
DRC 03 will be an additional payment, I think so. Can you adjust it in future payments. In geniune case start 1% from next month return.
CAclubindia
