AOA to all,
will any body plz explain for what is Advance tax and what is difference b/w advance tax & final discharge of tax libility
Thank in advance
Daykhyn,,,,,, job hi income tax Advance may ap jama karwaty ho ya at source withheld ho jata hay wo Advance tax hi hota hay, yani pory sal mukhtalif payment par ap ka tax withheld hota hay wo advance income tax hi hota hay isy withholding tax bhi bolty han,,,, naam job hi to hay ye income tax hi,,,,,
Kuch advance tax aysy hoty han jo k Adjustable hoty han,,, sal k aakhir may aap apni tax liability nikalty ho or un ko adjust kar laity ho,,,,,
Par kuch advance tax aysy hoty han , jis payment par wo withheld hoty ha nap ki sirf wo payment ya income tax say exempt ho jati hay or sal k aakhir may aap ko us income par tax nahi jama karwana parta,,, is ko bolty han discharge of final tax liability,
Laptop,will you plz expalin the final discharge of tax liability through any example?
JI Bilkul,,,,,,,,
Misal k tor par ap commercial Importer hay, jab ap import karty han to at the time of import ap advance may income tax jama karwaty hay 4% jo ab 5% ho gya hay,,,,
Ap chunky advance may income tax jama karwa rahay han or wo bhi gross amount par, to FBR ap ko final tax liability say discharge kar dayti hay according to section 148, yani k a bap us amount par kitna kamaty han ye na to FBR pochay gi ap say or na ap return may batayen gay usy,,,,
Isy final tax regime kaha jata hay, jin logo ki income FTR may aati hay wo return of income file nahi kary U/S 114,, wo log statement or final tax jama karwaty han sal k end par U/S 115,
Thkx Mr. Laptop,
If u explain plz one thing more, i m in construction company and in which cases we need to submit advance tax.
And when we make any contract(construction) and billed them they wihthold 6%, is it also a advance tax and we can adjest it in final discharge.
Also plz share If u have any material about advance tax & its implementaion.