TaxTMI 
TaxTMI 
Rule 86B Income Tax paid more than one lakh in updated return under Section 189(8A)
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....ule 86B Income Tax paid more than one lakh in updated return under Section 189(8A)<br> Query (Issue) Started By: - DILEEP SINGH Dated:- 12-2-2025 Last Reply Date:- 20-2-2025 Goods and Services Tax - GST<br>Got 2 Replies<br>GST<br>Dear Sir(s)/Madam (s) One taxpayer has paid Income Tax less than one lakh in F.Y. 2020-21. Thereafter, he updated his return in the month of March, 2023. In updated retu....
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....rn he paid income tax more than one lakh. In F.Y. 2021-22 he has already paid Income Tax more than one lakh in original returns. Now my question is :- (1) Can he avail benefit of exemption from 86B as per restriction (Income Tax payment) during the F.Y. 2022-23? Reply By Yash Shah: The Reply: As per clause (a) of the first proviso of rule 86B read with section 49(4) of the CGST act....
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...., the restriction shall not apply to said person or the proprietor or karta or the managing director or any of its two partners, whole-time directors, member of managing committee of associations as the case may be have paid more than 1 lakh rupees under Income tax act in each of two financial year for which the time limit to file return of income under subsection (1) of section 139 of said act ha....
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....s expired. As per the analysis of rule 86B, it is inferred that there should be a payment of rupees 1 lakh in the financial year not for the financial year As in our case payment of Rs 1 lakh is made in the financial year 22-23 for the F.Y.20-21. While conditions state that the income tax paid more than 1 lakh in each of the two financial years for which the time limit to fil....
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....e a return of income tax u/s 139(1) has expired. Hence, we can not avail of the benefit of exemption from restriction in FY 2022-23 as income tax was not paid more than 1 lakh in FY2020-21. Reply By Shilpi Jain: The Reply: WHat is the constitution of the taxpayer? Individual, company, partnership....?<br> Discussion Forum - Knowledge Sharing ....