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+--- Thread: WHT on Profit (/showthread.php?tid=8713)
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WHT on Profit - olympia - 09-07-2010
If we received profit from bank on PLS A/C Bank deduct Withholding Tax on Profit @ 10%
Is this profit is adjustable in our income tax return?
- Information Consultant - 09-07-2010
For companies adjstable in final tax liability
for individual final tax
- Marium Khan - 09-07-2010
Consultant it comes under FTR na as profit on debt?
- Sarfaraz Khan - 09-07-2010
BHAI individual ka bhi hota hai...hamare to sab employees ka ho ta hai..
- olympia - 09-07-2010
so hum ise Income Tax Return main adjust kerain ge (In case of Salaried Individual)
"Annex-B" Sr. 6 "On Profit on Debt (Other than tax deduction treated as final tax).....
- Information Consultant - 09-07-2010
Let me check it
meanwhie pls see sec 151 clause 3
9[(3) Tax deducted under this section shall be a final tax on the profit on debt arising to a taxpayer other than a company from transactions referred to in clauses (a), (b) and (d) of sub-section (1).]
- olympia - 09-07-2010
OK
waiting 4 ur reply
- Marium Khan - 09-07-2010
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Sarfaraz Khan</i>
<br />BHAI individual ka bhi hota hai...hamare to sab employees ka ho ta hai..
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
R U talking about IT3 (adjustment for Salaried Individuals)
- olympia - 09-07-2010
151. Profit on debt. â
[(3) <font color="red">Tax deducted under this section shall be a final tax on the profit on
debt arising to a taxpayer other than a company from transactions referred to in
clauses (a), (b) and (d) of sub-section (1).]</font id="red">
as per this section i think we can't adjust this in our ITR coz this tax is consider as "FINAL TAX"
right
- Information Consultant - 09-07-2010
yes only for ind not for companies
- olympia - 09-07-2010
theek he
Thank u )
- Information Consultant - 09-07-2010
i hope laptop join this dicussion later in the eveniing and post his comments
- mirfawad - 09-07-2010
Tax deducted on bank profit is final tax for Individuals and cannot be adjusted against income tax liability. However the amount of bank profit is to be shown under FTR Income.
Tax Deducted on Profit is a normal tax for companies. Companies will show the income from Profit under the head " Income From Other Sources" and tax deducted will be adjusted against the Income Tax Liability.
- olympia - 09-07-2010
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica, san" id="quote">quote<hr height="1" noshade id="quote"><i>Originally posted by Information Consultant</i>
<br />i hope laptop join this dicussion later in the eveniing and post his comments
<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
g..... its gud for us if he give his opinion
- LapTop - 09-07-2010
LO ji may aagya,
sab ka kahyna theek hay k FTR may aaye ga Profit from bank ik Individual k liye,,,,
Prifit amount Return k Col. No. 48 may aaye ga.
or jo tax amount withheld howa hay wo Annex-B k Col. No.21 may aaye gay.