+- Accountancy Forum (https://www.accountancy.com.pk/forum)
+-- Forum: The Profession (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=4)
+--- Forum: Tax (https://www.accountancy.com.pk/forum/forumdisplay.php?fid=8)
+--- Thread: Refundable Tax & Payable tax (/showthread.php?tid=10572)
Refundable Tax & Payable tax - SalmanKhan1982 - 11-04-2011
Asalam o Alikum,
Someone help me about tax calculation.
We import some goods (Hardware), At the time of import we paid multiple taxes & Duties i.e.
Sales Tax 1041723/-
Income Tax 387393/-
Add 3% other tax 195322/-
We sale the customer and charged sales tax 16% on our total invoice amount i.e. 1146680/-. But when we received payment from customer they deducted some tax amount i.e. 477,758 against tax adjustment. Also deducted 1% LTU of total invoice amount.
Now i want to know how much i paid to govt. against sales tax and other tax, and which taxes are refundable?
I will be very thankful to you if anyone resolve my query.
- umar_khi08@yahoo.com - 12-03-2011
Dear Salman
Pls note that
Refundable tax = if Input > Out Put
Payable Tax = if Input < Out Put
if you are registered in RTO and sales to LTU registered person. They will deduct your 1 % of gross amount as WH Tax.
1 % income tax at import stage is not refundable, sales tax at import stage is adjustable / refundable against out put tax as given procedure above.
for further clarification please elaborate your question.
regards
Umar