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Need replies regarding IT and ST returns - Urgent
09-05-2010, 06:23 AM
Post: #1
Need replies regarding IT and ST returns - Urgent
If a company's registered office is in Lahore and corporate office is in Islamabad, then where we have to file the returns.

As a layman I need step by step procedure of both Income Tax and Sales Tax Returns with days keeping in 2010-11 in perspective

If a firm's major operations are advertising, marketing and PR then we need to deduct the GST on services for every contract and visa versa pay for every purchase....

Looking for timely and detailed feedback Pleaseeeeeeeeeeee.
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09-06-2010, 01:55 PM
Post: #2
 
For Sales Tax visit

http//www.fbr.gov.pk/newst/

For Income Tax visit

http//www.fbr.gov.pk/tpef/incomeTaxBorchure.asp
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09-06-2010, 07:26 PM
Post: #3
 
Ah_s,,,,,,

Return usi RTO ya LTU may file hota hay jahan ap ka registerd office hota hay,,, par agar ap online filing karyn gay to ap kahin say bhi kar sakty han, bas return may mention karna parta hay RTO ya LTU ka nam.

Ap Step by Step pochty rahayn ham step by step bataty rahayn gay ji,,,

Sales tax withholiding k liye SRO603 phar layn,,, agar Advertising services layn gay aap kisi say or wo ap ko GST invoice day ga to ap FED(WAT Mod) withheld kar layn gay,,,,

agar Advertisor Sales Tax invoice nahi dayta to ap Invoice value ka 16% withheld kar layn gay.
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09-07-2010, 03:42 AM
Post: #4
 
Thank you Laptop for such a nice and compact answer. ;')

Now following questions -)

1. If a firm is doing business of developing web pages for both private and public sector. What will be the implication regarding GST. Whether the web development services are included in the tax net or excempted? Any reference you can name?

2. Is this necessary to have a company NTN to deduct the WHT on salaries and GST on service?

3. If yes, then do the employees need the NTN as well for the same purpose. If not then what will be the procedure for that?

4. For a private limited company what is the procedure of obtaining the NTN and what documents are required for applying NTN?
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09-07-2010, 05:36 AM
Post: #5
 
1.Web development or software development per GST nahi hay.
yay propsal hay agar vat lagta hay to yay services bhi net may ajain gi.

2 agar company kay pass ntn nahi hoga to wo salestax may registered nahi ho pay gi phalay ntn banay ga us kay gst kay liay apply kia jay ga.

3 agar kisi company kay employees ki slary taxable hay to company us ka tax deduct karay gi irespective of that kay employee ka ntn hay ya nahi tax challan may ntn or nic donon ka option hay .
Abhi NED university kay ref say aik notice issue hua hay kay jin employees ka ntn nahi hay unka 2 % tax zada deduct kia jay is ko mada nazar rakhtay huay bahtar hay employee ka ntn banwalia jay.
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09-07-2010, 06:33 AM
Post: #6
 
Thanks Consultant....

You people are very co-operative and i am very much cleared with the issues....

Few more questions

1. how to get NTN....means is this necessary for a private company to have a resolution before applying the NTN?

2. Can you please give me a reference SRO for the exemption for GST ref to software and web development?

2. Can you ppl pls elaborate difference b/w Advance Tax and Provison for taxation? How and when to record both entries?
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09-07-2010, 11:36 AM
Post: #7
 
ahs

ap ki previous query ka part four miss hogia tha pls following text read karlain


Every company must obtain the NTN by providing proof of registration, the memorandum and articles of association, the bank account number, the NTN of its directors, and an attestation of the registered business address. All required documents must be submitted to a station by a Class-I of Gazette Officer or an officer of a bank. A company can start its business activities without first obtaining the NTN, but the number is generally required by all the registering authorities Chambers of Commerce, the Import-Export Regulatory Authority, the utility authority, and the like. The NTN branch (centralized for the entire country) at Islamabad allots a uniform number. The required form, along with the duly-verified documents must be submitted to the same NTN Center after the company is incorporated. The center quickly processes the application and issues the NTN in a week. The certificate is sent to the applicant’s registered address. If it is not delivered at the postal address, it can be obtained from the NTN center over the phone, and its status is communicated instantly. If undelivered, the NTN certificate can be collected from the specified office of the Central Board of Revenue (distinct from the NTN Center)


.
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09-08-2010, 10:04 AM
Post: #8
 
Dear Information Consultant

Thank you for detailed procedure....what about the remaining couple of questions asked in the last part about advance tax and provision
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09-08-2010, 03:37 PM
Post: #9
 
I would love to answer ur quiery but later in the evening meanwhile i ask my collgues to sort out ur query
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09-08-2010, 05:00 PM
Post: #10
 
difference b/w Advance Tax and Provison for taxation.....
Advance tax would be prepaid taxes, or overpaid taxes left with the taxing body. It is an asset account, a deferred credit.

Provision for taxes would be an estimate of tax liability for the period covered by the financial statements. It is a liability account.
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09-08-2010, 05:17 PM
Post: #11
 
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by olympia</i>
<br />difference b/w Advance Tax and Provison for taxation.....
Advance tax would be prepaid taxes, or overpaid taxes left with the taxing body. It is an asset account, a deferred credit.

Provision for taxes would be an estimate of tax liability for the period covered by the financial statements. It is a liability account.

<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Advance Tax is the tax which you pay in advance and it is adjustable against your income tax liability. there are two types of advance tax in pakistan-
1- The tax deducted at source
2- Advance tax paid quarterly u/s 147 of the Income Tax Ordinance.
the entry for the advance tax will be made as soon as advance tax is deducted or paid. Its entries will be as follows-

Advance tax Deducted by Parties
Advance Tax Dr.
Parties Receivabke Balance Cr.
Advance Tax Paid on Utilities

Advance Tax Dr.
Cash / Bank Cr.
Advance tax Paid u/s 147

Advance Tax Dr.
cash / bank Cr.

The provission for taxation is the provision which you create in your accounts. it is the estimated income tax libility of the company based on Profits or Turnover. Normally this figure should be the same as appears in your Income Tax Return. For Example if you are preparing accounts for the year ended 30/06/2010 then the Income Tax return of company will be filed after finalisattion of accounts and last date for filing of return is 31/12/2010.

Now you finalise your accounts and determines the Profit Before Tax and then make adjustments according to tax laws to determine taxable income/ (loss)on which income tax is paid. this is the amount of tax provision for the year. Normally this is the same as appears in your income tax return but it can differ.
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09-10-2010, 09:51 AM
Post: #12
 
So that means we make provision at the time of closing of accounts and that provision is settle with payment on the appraisal of taxation officer.

Correct me if I am wrong.

As I've already told you that its a new private company and we are not the LTU then what will the procedure for filing of income tax return....how we calculate the %age or aggregate because initially loss is projected.

If we have paid salary of couple of employees and our firm don't have the NTN, then whether after acquiring the NTN we need to deduct the WHT on salary paid previously.

What will be the procedure of calculating the quaterly income tax or us ke journal entry kia ho ge?

thnks for feedbacks earlier
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09-10-2010, 11:51 AM
Post: #13
 
advance Tax sec 147 Income tax ordinance

6[(4) Where the taxpayer is 7[an association of persons or] a company,the amount of advance tax due for a quarter shall be computed according to the following formula, namely-

(A x B/C) –D

A is the taxpayer‘s turnover for the quarter;

B is the tax assessed to the taxpayer for the latest tax year

C is the taxpayer‘s turnover for the latest tax year; and

D is the tax paid in the quarter for which a tax credit is allowed under section 168, other than tax deducted other than tax ded u/s 155

Journal entry

Advance Income tax Debit

Bank Credit


Provision of Taxation

Yes u make provision at the tme of closing of account

Salary of Employee

Agar salary 25000 per month say zada hay to us per tax deduct hoga
Agar ap apnay accounts may salary show karain gay to tax deduct karna paray ga

One query balance

Ap nay new company incorporate ki hay hum softwares and websites bhi designed kartay hain agar us kay hawalay say koi quer ho to zaroor bataya ga
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09-11-2010, 05:10 AM
Post: #14
 
A@ Information thnx for kind reply...

Since in September we started the company operations and we have received advance for sales which is the accrued liability....so there are no such things like tax turnover for latest year and turnover for the latest year....what i should do in this situation as 1st quarter ends sept 30th

and yah will let you know for development of any software )
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09-15-2010, 02:47 AM
Post: #15
 
ap nay advance payments apnay clients say li hay jo kay ap ki liability hay agar ap nay sep may koi invoice nahi kati to advance tax implement nahi hoga or agar invoice generate ki hay to phir ap ko turnover tax daina paray ga jo kay 1 % hoga turnover ka is may say advance income tax kata hoga wo adjust hojay ga
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