Faheem Sahb admissible expense in income tax main sales tax invoice ka hona zarori ha..jaisy agr kisi unregistered party se purchase ha to then he cannot issue sales tax invoice then if customer pays through banking channel and deduct tax under section 153 then is it expense be admissible. Secondly as in 100D.. Schedule 12.. Construction company will not deduct tax in 153 except steel and Cement... So pipes etc procurement main is it necessary to take sales tax invoice or can take commercial invoice and pay through bank.. Then also expense will be admissible.. As input tax to waisy bhe zaya ho jata ha.. Construction in real estate.. It's customers are end consumers.
Dear sir what about payroll that we are paying to our employees which is indirect expense! My question is can we deduct it from profit while making income statement under services section?
Such BTL expenses upon which 9% WHT not deducted and paid by us may fall under allowable / admissible domain? How and why would govt allow buyer to pay WHT on behalf of Supplier?
Fahim Sb.... It is great to know that goods purchase limit per head per annum is Rs 75000. Plz tell ...... either less amount than 75000 can be paid through single bill or through more than one bill ???
Sir can you please mention the section. Where it is written that whatever amount is deducting from profit and is deposited in government treasury will reduce the profit . As you have mentioned in making final accounts.
any thing deducted in the form of expense, if applicable also need to deposite withholding tax, if not deposited then add back in profit, this means deduction of expenses only allowed if applicable withholding also deducted and deposited in FBR account, this is the concept
Sir, who is responsible for depositing withholding tax in govt treasury. If I am purchasing a computer of 10000 Rs. Whether it's my duty to deposit tax or the retailer from which I'm purchasing. What to do if I already purchased items from a non tax payer reatiler.
Income tax of Imported items are already been deducted by the customs at the time of import so why do we have to pay the I.T again ??? Please read section 169_A and 169_b of the income tax ordinance 2001
@@bassamsaeed6615 dear consider this your purchasing from local market, 2nd person in supply chain. And this is example you can take any other item, if any confusion,
@@faheempracticallearning of course the company manufactured certain product has alreadye entitled to give income tax yearly or quarterly according tax slabs they're provided too.
Confusion. If Supplier Mr. A is non filer, and gives me 1 invoice of Computer under 75,000 for the whole year. Then shall I Withhold 9% tax or not? Because as per section 153, I am not liable to withhold this tax amount.
@@faheempracticallearning I have watched it completely. Uptil 8:47 it was clear, confusion arose from the continuation of example after that. Have I understood it correctly? That below 75k in 1 tax year from a single vendor, whether in ATL or not, no tax will be with-held?
Sir purchase Inv received value 100,000/- My total cost is 100,000/- 1/5 of GST 2,906/- Chq Paid to collector of sales tax I.Tax 3% 3,000/- Chq Paid to deputy commissioner income tax Party 94,094/- Chq Paid to party. How we can we save taxe? Or we just have to follow rules? This is
Sir is there any requirement as per section 73 to mention city name of vendor on cross cheque while making payment . This is out of topic question but please if you can answer 😁
yes this rule is also applicable, but for petty expenses to some extend, it can be justified, because if you visit locally or purchase some petty things, then how to pay cheque, this can be justified, but practice should be less cash payment
Faheem Bahi dil kush kar Diya.jazakallah
Very informative...kuch students tu limit se hi bekhabar hain like 75K and 30K
yes this is legal way
Please make one vedio of income tax monitoring. How to monitor expense for monitoring purpose
Sure in future
Respect from RWP sir great channel
Jazak Allah
Great information sir, this is very good way to save and manage
yes by legal way we need to manage and save if we can
Sir
Kindly FURTHER tax k bary aik detailed lecture bnain
already have search on channel
Thanks for the information waiting for more.
Please if possible then make video on product costing on practical base.
sure, in future one by one we will discuss each topic
Faheem Sahb admissible expense in income tax main sales tax invoice ka hona zarori ha..jaisy agr kisi unregistered party se purchase ha to then he cannot issue sales tax invoice then if customer pays through banking channel and deduct tax under section 153 then is it expense be admissible.
Secondly as in 100D.. Schedule 12.. Construction company will not deduct tax in 153 except steel and Cement... So pipes etc procurement main is it necessary to take sales tax invoice or can take commercial invoice and pay through bank.. Then also expense will be admissible.. As input tax to waisy bhe zaya ho jata ha.. Construction in real estate.. It's customers are end consumers.
Even unregistered person invoice or supporting documents should be available
@@faheempracticallearning can't understand ur reply... Ap keh rahy Hain admissible ha expense
@@jahangeerbaloch1226 dear if tax proper deducted and deposited, with some invoice documents then it will be allowed
@@faheempracticallearning even on commercial invoice
Dear sir what about payroll that we are paying to our employees which is indirect expense! My question is can we deduct it from profit while making income statement under services section?
Yes, if proper tax deducted and deposited
Very informative lecture
Jazak Allah
Sir can u please tell about proper section/ rool/ sub section etc... or i can find this only in section 153
pls check exemption of income tax ordinance
Bohat Zabardast
👍
Very informative
Jazak Allah
Such BTL expenses upon which 9% WHT not deducted and paid by us may fall under allowable / admissible domain?
How and why would govt allow buyer to pay WHT on behalf of Supplier?
This is rules, buyer must deduct income tax at the time of payment , if taxable
Fahim Sb....
It is great to know that goods purchase limit per head per annum is Rs 75000.
Plz tell ...... either less amount than 75000 can be paid through single bill or through more than one bill ???
Even more then 1 but less then or equal 75K
Well explained.. please keep up the good work
Jazak Allah
Good information thanks
Jazak Allah
Sir can you please mention the section. Where it is written that whatever amount is deducting from profit and is deposited in government treasury will reduce the profit . As you have mentioned in making final accounts.
any thing deducted in the form of expense, if applicable also need to deposite withholding tax, if not deposited then add back in profit, this means deduction of expenses only allowed if applicable withholding also deducted and deposited in FBR account, this is the concept
Informative
;)
Sir, who is responsible for depositing withholding tax in govt treasury.
If I am purchasing a computer of 10000 Rs. Whether it's my duty to deposit tax or the retailer from which I'm purchasing.
What to do if I already purchased items from a non tax payer reatiler.
sale tax deposited by seller, and income tax deposited by buyer
Income tax of Imported items are already been deducted by the customs at the time of import so why do we have to pay the I.T again ??? Please read section 169_A and 169_b of the income tax ordinance 2001
Yes, example not linked with imports, normal items when we discuss import I will explain 😀
@@faheempracticallearning computer is imported item isn't it? And 90% of the items we buy are taxed only 10% non taxed.
@@bassamsaeed6615 dear consider this your purchasing from local market, 2nd person in supply chain. And this is example you can take any other item, if any confusion,
@@bassamsaeed6615 90% and 10% rule is sale tax not income tax
@@faheempracticallearning of course the company manufactured certain product has alreadye entitled to give income tax yearly or quarterly according tax slabs they're provided too.
Good job sir
Thanks
Great Sir..
Jazak Allah
Great sir
Jazak Allah
Confusion.
If Supplier Mr. A is non filer, and gives me 1 invoice of Computer under 75,000 for the whole year.
Then shall I Withhold 9% tax or not? Because as per section 153, I am not liable to withhold this tax amount.
Pls watch lecture again. Watch complete don't forward
@@faheempracticallearning I have watched it completely. Uptil 8:47 it was clear, confusion arose from the continuation of example after that.
Have I understood it correctly? That below 75k in 1 tax year from a single vendor, whether in ATL or not, no tax will be with-held?
@@nabilarshadfarooqi yes
@@faheempracticallearning Thank you.
Sir purchase Inv received value 100,000/-
My total cost is 100,000/-
1/5 of GST 2,906/- Chq Paid to collector of sales tax
I.Tax 3% 3,000/- Chq Paid to deputy commissioner income tax
Party 94,094/- Chq Paid to party.
How we can we save taxe? Or we just have to follow rules?
This is
If less then 75K then you can save, otherwise follow rules
Below taxable limit Condition is less or equal to 75K
Great efforts 👌👍
Jazak Allah
153 ki services ka annually income 28million hai us pe advance tax 147 ka notice aya
Because it is more thn 1 million so need to file advance income tax
@@faheempracticallearning he is services provider already paid 10%
@@raja99614 then no need to pay, just reply already deducted at source
Sir is there any requirement as per section 73 to mention city name of vendor on cross cheque while making payment . This is out of topic question but please if you can answer 😁
yes this rule is also applicable, but for petty expenses to some extend, it can be justified, because if you visit locally or purchase some petty things, then how to pay cheque, this can be justified, but practice should be less cash payment
Thanks sir
Welcome
Mashallah
👍