Tax on Rent - Printable Version +- 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: Tax on Rent (/showthread.php?tid=19844) |
Tax on Rent - AbdulSamad - 03-11-2016 While Data inserting in IRIS for the month of February 2016. I found tax rates on Rent on Property Section 155, automatically calculated 15% of any value. Whereas we are Pvt Ltd firm and we are deducting tax on individual Landlord. I already check tax rates on FBR portal WHT Rates Card. Its already said for individual and AOP Exempted Tax 150,000 and exceeeding 150,000 to 1000,000 tax deduction with 10% and above from 1 million tax deduct 15% with plus 85000/- and for deduction COmpany's Rent it would be 15%. Then why IRIS deducting 15% on Rent amount whereas payments belong to individual not a company. Please confirm me, am i right side or not ? Is that Iris mistakes ? RE: Tax on Rent - Jay - 03-11-2016 Dear first you need to select correct payment section 155 instead 153(1)(b). IRIS is calculating 15% tax on service as all of them are non-filers and individuals. |