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Tax Credit on Salary
01-29-2011, 04:13 PM
Post: #1
Tax Credit on Salary
Employees r allowed to get tax credit. Some employees request us not to deposit the tax we will provide u the certificates in june.
As per CBR "Employer can only hold 20% of the tax amount & remaining 80% of tax amount is deposited by employer." I need the reference number of this information.
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02-02-2011, 02:51 PM
Post: #2
 
Dear,

There is no such specification which reveals to withhold 20% of the total taxation and rest of the 80% to be deducted and paid.

As far as your query is concerned, you should ask your employees to provide withholding tax acknowledgement, i.e. the amount of tax which has been deducted during the specific year from PTCL/Mobile bill, Electricity bill (if there is other source of income, where tax under section 235 is applicable), on cash withdrawal from bank, on profit on debt or motor vehicle tax.

Acknowledgement from employees should be taken in the month of March or April, so that you will have 3 or 4 months to adjust the amount of tax which has already been paid by the employees under the aforesaid sections.

You are also advised to collect the filled and signed "IT-3" form from your employees to whom you are providing such tax credits.

Let me know if you are yet to be satisfied with the answer.


Best Regards,

Faisal.
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02-04-2011, 01:43 PM
Post: #3
 
thank u so much faisal. the answer more than enough for me
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