Jammu and Kashmir Government issues a notification for registered persons to pay the tax through electronic cash ledger deposit

Dec 18, 2020 | by Avantis RegTech Legal Research Team

Loading audio.....

Finance & Taxation Compliance

The Finance Department of Jammu and Kashmir on December 17, 2020 has issued a notification for the registered persons, notified under proviso to sub-section (1) of section 39 of the said Act, who have opted to furnish a return for every quarter or part thereof, as the class of persons who may, in first month or second month or both months of the quarter, follow the special procedure such that the said persons may pay the tax due under proviso to sub-section (7) of section 39 of the said Act, by way of making a deposit of an amount in the electronic cash ledger equivalent to: 

• 35% of the tax liability paid by debiting the electronic cash ledger in the return for the preceding quarter where the return is furnished quarterly. 

• The tax liability paid by debiting the electronic cash ledger in the return for the last month of the immediately preceding quarter where the return is furnished monthly. 

Further, for the first month of the quarter, where the balance in the electronic cash ledger or electronic credit ledger is adequate for the tax liability for the said month or where there is nil tax liability and for the second month of the quarter, where the balance in the electronic cash ledger or electronic credit ledger is adequate for the cumulative tax liability for the first and the second month of the quarter or where there is nil tax liability. 

[Notification No. S.O. 388]

 


Bookmark

Related Updates



Alternate Text

Get updates on the go on RuleZbook Mobile App.