Aoa sir. If company or Aop has not any last year turn over? Means new company? Then any exemption available? Please make a video on 7f ITO. Thanks and Regards Raja Aurangzeb from Lahore
For every AOP and Company, advance tax is payable by them even in the absence of last assessed income or declared turnover on the basis of their quarterly turnover after taking into account tax payable u/s 113 and making adjustment for the amount of tax if already paid. (Section 147(6A))
Behbood certificate and pension fund monthly profit treatment is same for 147 advance income tax calculation. No deduction has been made at source (NSC) but advance tax has to be submitted quarterly if yield (profit) is more than 1 million (Behbood + Pension Fund) . If there is no other income comes in taxable income of the year. Maximum tax limit is 5%. Sir, if in case we have to apply income tax slab, then this 5% doesn't work. The way FBR portal calculate income tax , the calculated figure always higher than 5%. There is inherent mistake in calculation. You can also perform an example calculation to witness this mistake.
when you enter the BSC profit amount in other sources tab system automatically provides you a tax reduction against BSC profit to limit the amount at 5%.
Great!
Aoa sir. Please make a video on 7f ITO. Thanks and Regards Raja Aurangzeb from Lahore
Aoa sir. If company or Aop has not any last year turn over? Means new company?
Then any exemption available?
Please make a video on 7f ITO. Thanks and Regards Raja Aurangzeb from Lahore
For every AOP and Company, advance tax is payable by them even in the absence of last assessed income or declared turnover on the basis of their quarterly turnover after taking into account tax payable u/s 113 and making adjustment for the amount of tax if already paid. (Section 147(6A))
I want to educate my self and improve my knowledge on individual tax return. Please let me do u have any course or classes in this regard.
Please share your contact details at smartschooling5@gmail.com
@ thanks. Will let u know
What if one dont pay this tax in advance and what if paid after due date?
Explained in the video brother, default surcharge will also be paid.
What about profits from behbood savings certificates of national savings?? Is advance tax u/s 147 payable?
yes applicable.
@paikersheikh thanks
Behbood certificate and pension fund monthly profit treatment is same for 147 advance income tax calculation. No deduction has been made at source (NSC) but advance tax has to be submitted quarterly if yield (profit) is more than 1 million (Behbood + Pension Fund) . If there is no other income comes in taxable income of the year. Maximum tax limit is 5%. Sir, if in case we have to apply income tax slab, then this 5% doesn't work. The way FBR portal calculate income tax , the calculated figure always higher than 5%. There is inherent mistake in calculation. You can also perform an example calculation to witness this mistake.
when you enter the BSC profit amount in other sources tab system automatically provides you a tax reduction against BSC profit to limit the amount at 5%.
No sir, it calculates rebate, but tax on Behbood is higher than 5%. You can perform a demon calculation on FBR portal, to witness it.
Bank saving account walle b pay ker Ray gay ? I did get 51 Lac From Bank Saving Account Muje Adv Tax Pay Ker Na Per Ray Ga ?
Yes it is applicable on bank profit exceeding 5M