Special payment procedure allows quarterly filers to prepay tax via electronic cash ledger deposits to cover interim liabilities. Registered persons opting to furnish quarterly returns may, in the first or second month of a quarter, follow a special procedure to pay tax by depositing an amount in the electronic cash ledger equivalent to thirty five per cent of the tax liability shown in the preceding quarter's return (or equivalent liability from the last month of the immediately preceding quarter where returns are monthly). Exemptions apply where ledger balances suffice or liability is nil, and eligibility requires furnishing the return for a complete tax period.
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Provisions expressly mentioned in the judgment/order text.
Special payment procedure allows quarterly filers to prepay tax via electronic cash ledger deposits to cover interim liabilities.
Registered persons opting to furnish quarterly returns may, in the first or second month of a quarter, follow a special procedure to pay tax by depositing an amount in the electronic cash ledger equivalent to thirty five per cent of the tax liability shown in the preceding quarter's return (or equivalent liability from the last month of the immediately preceding quarter where returns are monthly). Exemptions apply where ledger balances suffice or liability is nil, and eligibility requires furnishing the return for a complete tax period.
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