Rule 86 B - a podcast by BPA Educators

“86B. Restrictions on use of amount available in electronic credit ledger.-Notwithstanding anything contained in these rules, the registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of ninety-nine per cent. of such tax liability, in cases where the value of taxable supply other than exempt supply and zero-rated supply, in a month exceeds fifty lakh rupees: Provided that the said restriction shall not apply where – (a) the said person or the proprietor or karta or the managing director or any of its two partners, whole-time Directors, Members of Managing Committee of Associations or Board of Trustees, as the case may be, have paid more than one lakh rupees as income tax under the Income-tax Act, 1961(43 of 1961) in each of the last two financial years for which the time limit to file return of income under subsection (1) of section 139 of the said Act has expired; or (b) the registered person has received a refund amount of more than one lakh rupees in the preceding financial year on account of unutilised input tax credit under clause (i) of first proviso of sub-section (3) of section 54; or (c) the registered person has received a refund amount of more than one lakh rupees in the preceding financial year on account of unutilised input tax credit under clause (ii) of first proviso of sub-section (3) of section 54; or (d) the registered person has discharged his liability towards output tax through the electronic cash ledger for an amount which is in excess of 1% of the total output tax liability, applied cumulatively, upto the said month in the current financial year; or (e) the registered person is – (i) Government Department; or (ii) a Public Sector Undertaking; or (iii)a local authority;or (iv) a statutory body:  KEY FEATURES 1) Excelled in the Job Oriented Training 2) 10+ years’ experience and qualified trainers (CA/CMA/CS/MBA) 3) Fully practical approach with best grades in exams 4) Training on Latest Accounting Software 5) The updated and relevant study material 6) Real-life projects & On the job training 7) Job for lifetime facility 8) 1000 + satisfied and placed students 9) Strong placement network 10) Connect with 500+ Employers 11) Monthly 200+ openings 12) Workshops, Guest Lecture, and various other activities for industry and student interaction 13) Special rebate scheme for special and weaker section students 14) Fully Equipped Infrastructure  

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