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of <h1>India Amends Tax Rules: Small Businesses Can Defer Tax Payments Until Payment Received, Effective April 2012.</h1> The circular issued by the Ministry of Finance, Government of India, addresses amendments to the Point of Taxation Rules 2011, effective from April 1, 2012. The amendment allows individuals and partnership firms with a taxable service turnover of Rs 50 lakhs or less in the previous financial year to defer tax payment until receipt of payment, up to a value of Rs 50 lakhs. It clarifies that for invoices issued on or before March 31, 2012, the point of taxation remains the date of payment as per the existing Rule 7. Field formations are instructed to issue corresponding trade or public notices.
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