AS PER CIRCULAR OF CBIC, IN CASE OF FIXED SUM METHOD UNDER QRMPS SCHEME, A TAXPAYER WHO HAS FURNISHED QUARTERLY RETURN IN PRCEEDING QUARTER CAN OPT TO PAY 35 PERCENT OF TAX PAID IN CASH IN PRECEDING QUARTER. BUT I HAVE SOME DOUBT REGARDING PAYMENT OF TYAX WHICH ARE AS FOLLOWS:
1 IF THERE IS NO CASH PAYMENT OF TAX IN PRECEDING QUARTER THAN HOW TAX PAID IS CALCULATED IN FIXED SUM METHOD?
2. IF THERE IS SUFFICIENT BALANCE OF ITC IS IN ELECTRONIC CREDIT LEDGER THAN WHETHER MONTHLY PAYMENT OF TX IS ONLY DONE IN CASH OR CAN BE MADE THROUGH ITC?
3. IF MONTHLY PAYMENT IS ONLY DONE THROUGH CASH THAN HOW UNUTILISED BALANCE OF ITC IN ELECTRONIC CREDIT LEDGER CAN BE UTILISED?
PEASE CLEAR MY DOUBT AS EARLY AS POSSIBLE..
CAclubindia
