Special deposit procedure allows quarterly filers to deposit a portion of tax liability in the first two months. The notification permits certain registered persons furnishing quarterly returns to make interim deposits into the electronic cash ledger in the first and/or second month of a quarter. The deposit is determined by prior-period liability: for quarterly filers it equals thirty five per cent of the tax liability paid by debiting the electronic cash ledger in the preceding quarter; for monthly filers it equals the tax liability paid by debiting the electronic cash ledger in the last month of the immediately preceding quarter. Eligibility requires furnishing the return for a complete preceding tax period, and ledger balances or nil liability may obviate the deposit requirement.
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Provisions expressly mentioned in the judgment/order text.
Special deposit procedure allows quarterly filers to deposit a portion of tax liability in the first two months.
The notification permits certain registered persons furnishing quarterly returns to make interim deposits into the electronic cash ledger in the first and/or second month of a quarter. The deposit is determined by prior-period liability: for quarterly filers it equals thirty five per cent of the tax liability paid by debiting the electronic cash ledger in the preceding quarter; for monthly filers it equals the tax liability paid by debiting the electronic cash ledger in the last month of the immediately preceding quarter. Eligibility requires furnishing the return for a complete preceding tax period, and ledger balances or nil liability may obviate the deposit requirement.
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