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Individual Person Get Benefit agt Advance tax
09-17-2008, 03:49 PM
Post: #1
Individual Person Get Benefit agt Advance tax
Aslamo Alekum

As every body known, Company have advance taxes which is paying by company in differencet account like as Electricity,Telephone Bill, Cash withdrawl, Commission , Profit on Bond etc, and which adjust company's Tax Return.

My Question is that, Can Individual Salaries person adjust there advance taxes with their tax return, if he already tax paying in Utility Bills and Cash withdrawl only.
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09-19-2008, 02:33 PM
Post: #2
 
SIMPLY,............YES

SALARIED PERSON CAN CLAIM THE ADVANCE TAX PAID IN HIS RETURN, IF THE EMPLYER HAS DEDUCTED FULLY TAX ON SALARY INCOME, THEN REFUND WILL ARISE BY CLAIMING ADVANCE TAX WHICH WILL BE REFUNDED TO TAXPAYER BY THE DEPARTMENT. HOWEVER EMPLOYEE CAN PROVIDE THE EVIDIENCE TO EMPLOYER REGARDING ADVANCE TAX HE HAS PAID, THUS EMPLOYER ADJUST THE SAME (AND DEDUCT THE LESS TAX FROM SALARY, WHICH OTHERWISE OUGHT TO BE DEDUCTED)

WITH BEST REGARDS


MASSOOD AKTHER
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09-19-2008, 07:05 PM
Post: #3
 
Aslmao Alekum

Thanks for Answering, Can u tell me which section of Income Tax Ordinance has pertain to above summary,

It is nessessary that Company file Tax Return of Employees other than Director, in my thinking that company only doing favouring to employee, what do you think!
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09-22-2008, 05:19 PM
Post: #4
 
AOA,

PLEASE STUDY CAREFULLY SECTION 149(1) OF THE INCOME TAX ORDINANCE, 2001
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12-14-2008, 07:17 PM
Post: #5
 
first query yes, but this tax is treat as minimum tax for a person other than company i.e. no refund can be claimed against this tax.

second query employers are required to submit statement of tax deduction from salary because otherwise the salary expense would be inadmissible hence if an employee is only earning salary income (and so not separate return of income is required) the company is not doing him any favour per se.
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