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waqasriaz

06-19-2009, 07:21 PM
Are we (being a private limited company) liable to deduct tax on payments for purchases made from Metro Cash & Carry Pakistan (Pvt) Ltd. u/s 153 of Income Tax Ordinance 2001. ?????

Can anyone please help me to clarify it????

Omeir

06-19-2009, 07:37 PM
You being a Pvt ltd company are bound by the ordinance to deduct 3.5% on suppies of Rs 25,000 or more during the financial year. Either you deduct or they should present the exemption certificate wherein they are exempt from deduction at source. The exemption certificate should also be valid.
Accountancy Forum > The Profession > Tax > Deduction of Tax at source U/S 153 on payments