11-05-2010, 06:58 AM
Is a private trading company which supplies goods....the tax deducted from any payment made to it.....is that tax FTR of such company?
because subsection 6 exclusion (not under FTR) applies only to the following
Service providing company
Public listed company
Manufacturer company supplies goods
and provision of services by anyone
153. Payments for goods and services.-
SUBSECTION 1
(1) Every prescribed person making
a payment in full or part including a payment by way of advance to a resident
person or permanent establishment in Pakistan of a non-resident person -
(a) for the sale of goods;
(b) for the rendering of
1
[or providing of]
2
[ ] services;
© on the execution of a contract, other than a contract for the
3
[sale] of goods or the rendering of
4
[or providing of]
5
[ ]
services,
shall, at the time of making the payment, deduct tax from the gross amount
payable at the rate specified in Division III of Part III of the First Schedule.
SUBSECTION 6
[(6) The tax deducted under this section shall be a final tax on the
income of a resident person arising from transactions referred to in sub-section
(1) or (1A)
Provided that sub-section (6) shall not apply to companies in respect of
transactions referred to in clause (b) of sub-section (1)
3
[]]
4
[Provided further that this sub-section shall not apply to payments
received on account ofâ
(i) advertisement services, by owners of newspapers and magazines;
(ii) sale of goods and execution of contracts by a public company listed
on a registered stock exchange in Pakistan
5
[; and] ]
[(iii) the rendering of or providing of services referred to in sub-clause (b)
of sub-section (1)
Provided that tax deducted under sub-clause (b) of sub-
section (1) of section 153 shall be minimum tax.]
7
[(6A) The provisions of sub-section (6) in so far as they relate to payments
on account of supply of goods from which tax is deductible under this section
shall not apply in respect of
8
[a company] being a manufacturer of such goods.
because subsection 6 exclusion (not under FTR) applies only to the following
Service providing company
Public listed company
Manufacturer company supplies goods
and provision of services by anyone
153. Payments for goods and services.-
SUBSECTION 1
(1) Every prescribed person making
a payment in full or part including a payment by way of advance to a resident
person or permanent establishment in Pakistan of a non-resident person -
(a) for the sale of goods;
(b) for the rendering of
1
[or providing of]
2
[ ] services;
© on the execution of a contract, other than a contract for the
3
[sale] of goods or the rendering of
4
[or providing of]
5
[ ]
services,
shall, at the time of making the payment, deduct tax from the gross amount
payable at the rate specified in Division III of Part III of the First Schedule.
SUBSECTION 6
[(6) The tax deducted under this section shall be a final tax on the
income of a resident person arising from transactions referred to in sub-section
(1) or (1A)
Provided that sub-section (6) shall not apply to companies in respect of
transactions referred to in clause (b) of sub-section (1)
3
[]]
4
[Provided further that this sub-section shall not apply to payments
received on account ofâ
(i) advertisement services, by owners of newspapers and magazines;
(ii) sale of goods and execution of contracts by a public company listed
on a registered stock exchange in Pakistan
5
[; and] ]
[(iii) the rendering of or providing of services referred to in sub-clause (b)
of sub-section (1)
Provided that tax deducted under sub-clause (b) of sub-
section (1) of section 153 shall be minimum tax.]
7
[(6A) The provisions of sub-section (6) in so far as they relate to payments
on account of supply of goods from which tax is deductible under this section
shall not apply in respect of
8
[a company] being a manufacturer of such goods.